Quantitative Techniques Essay Example | Topics and Well Written Essays - 500 words

Quantitative Techniques - Essay ExampleThe social and economical scenario is in the constant process of undergoing change and is influenced by a number of external factors. As such, in that respect ar numerous controllable and uncontrollable parameters that todays decision makers need to take distribute of in order to prepare a careful course that can navigate through each(prenominal) idenfied obstacles. If adopted, qualititative, well-structured and a well-planned commerce forecasting effort can yield the desired results. As such, apart from touch sensation the need to forecast, it is also very important to plan the forecasting process with great precision (John E. Hanke, Arthur G. Reitsch, 1989).The develop in the growth and use of computing power to perform calculations has gained immense popularity among users. As such, with a hefty forecasting plan, one can easily perform the required analysis in a improvident time. Forecasting is used to identify a number of patterns that are deemed important to a companys interests. It could include attributes such as the performance of stocks over a time period, pattern of sales, prices of essential in the altogether materials, employee satisfaction surveys etc. a company can immensely benefit from business forecasting as these enable it to analyze its performance across various(a) domains and also helps it compare itself amongst other competitors in the market. It enables the company to identify the segments that are not performing according to expectations and paves the way for adopting suitable solutions to overcome them. As the preservation is dynamic in nature, there is an ncreasing need to prepare the future map in advance, which emphasizes the need for business forecasting.In the recent years, business forecasting has adopted an extensive scientific flavor that includes the fusion of various business theories and techniques to forecast specific types of data. It can involve procedures as simple as s preadsheets to massive database networks that are performing trillions of