![]() Ensuring the company's operational consistency It can help a company determine its financial future by estimating future sales, the capital needed for future product development, the costs of future expansions and other estimated expenses that are used to estimate future costs. Estimating financial necessitiesĮstimating a company's future financial requirements is one of the most important uses of forecasting. Forecasting reveals some of the risks and uncertainties that a new business faces and can offer an entrepreneur the right tools to anticipate elements such as the strength of the competition, demand potential for a product or service and future industry development. When starting a new business, proper forecasting can reveal crucial information that may determine the company's future success. Forecasting is important because it can be used for: Estimating the success of a new business venture Related: Economic Demand: Definition, Determinants and Types Why is forecasting important?īeing able to accurately predict future trends and events is useful in many contexts, including business management. Receiving the data in an organized and compiled way makes the forecasting process quicker. Secondary sources: Secondary sources provide information that has already been gathered and processed by a third-party organization. The data is usually collected from various questionnaires, focus groups or interviews and, although all the information is difficult to gather and centralize, the direct way of acquiring the data makes primary sources the most trustworthy ones. ![]() Primary sources: Primary sources provide first-hand information, collected directly by the person or organization that is doing the forecasting. The data used for forecasting methods can either come from primary sources or secondary sources. Companies use forecasting for many different purposes, such as anticipating future expenses and determining how to allocate their budget. What is forecasting?įorecasting is a method of making informed predictions by using historical data as the main input for determining the course of future trends. This article will help you better understand what forecasting is, how it works and how it can be an asset for your organization. Forecasting is a valuable asset but it requires specific skills and correct data. Regardless of the size and profile of a company, forecasting helps the organization's management anticipate trends in important business indicators, such as sales expectations or customer behavior. The following are the summarized form of the strategies proposed in the document.Forecasting is an important tool for making informed business decisions. ![]() The six- day deliberations paved the way to devise a set of actionable strategies that can be implemented in a convergent approach. In this regard, ICAR-CIFA in association with NFDB has organized a series of Virtual Stakeholder Consultation Meets during 19th to 17th August 2020 involving all the stakeholders of the freshwater aquaculture sector to understand the issues and problems faced by different stakeholders of the sector. Appropriate strategies are very much essential for the successful implementation of any scheme. has set an ambitious target of producing 22 million tonnes fish by 2025 from the present production of 13.8 million tonnes. has recently launched the Pradhan Mantri Matsya Sampada Yojana - the most comprehensive plan for the development of fisheries sector in the country. As the marine production is almost stagnant, the additional fish production has to be sourced from the inland waters, especially through freshwater aquaculture. Blessed with abundant water resources across the country, we are yet to exploit the full potential of the available resources. India is the second largest fish producing country in the world, but our per capita fish consumption is less than the global average. ![]()
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