How important is forecasting decision support?
by Daniel J. Power
Decision support and analytical systems that use data sets with models and statistical analyses remain one of the most important business decision support applications.
Why is quantitative business forecasting important and necessary?
Helps estimate financial requirements and cash management.
Helps in operations planning and managing inventory
Helps coordinate efforts of managers in various parts of a business including marketing/sales, operations, and finance.
Provides a competitive edge for making changes
Helps managers anticipate and avoid problems in business operations
Helps direct and guide sales and marketing activities
Helps reduce inventories and obsolete products
Last update: 2015-07-12 11:36
Author: Daniel Power
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