Get Your Answer Fast Within An Hour
First time here? Checkout the FAQs!
x

*Math Image Search only works best with zoomed in and well cropped math screenshots. Check DEMO

0 like 0 dislike
165 views
What is the difference between forecasting, goals and planning?
in Data Science & Statistics by Bronze Status (5,746 points) | 165 views

1 Answer

0 like 0 dislike
Best answer

Forecasting is a common statistical task in business, where it helps to inform decisions about the scheduling of production, transportation and personnel, and provides a guide to long-term strategic planning. However, business forecasting is often done poorly, and is frequently confused with planning and goals. They are three different things.

  • Forecasting - is about predicting the future as accurately as possible, given all of the information available, including historical data and knowledge of any future events that might impact the forecasts.
  • Goals - are what you would like to have happen. Goals should be linked to forecasts and plans, but this does not always occur. Too often, goals are set without any plan for how to achieve them, and no forecasts for whether they are realistic.
  • Planning - is a response to forecasts and goals. Planning involves determining the appropriate actions that are required to make your forecasts match your goals.
by Bronze Status (5,746 points)

Related questions

0 like 0 dislike
0 answers
0 like 0 dislike
1 answer
0 like 0 dislike
1 answer

Join the MathsGee Study Questions & Answers Club where you get study and financial support for success from our community. SEARCH - ASK - LEARN


On the MathsGee Study Questions & Answers, you can:


1. Ask questions


2. Answer questions


3. Vote on Questions and Answers


4. Tip your favourite community member(s)


5. Create Live Video Tutorials (Paid/Free)


6. Join Live Video Tutorials (Paid/Free)


7. Earn points for participating



Posting on the MathsGee Study Questions & Answers


1. Remember the human


2. Behave like you would in real life


3. Look for the original source of content


4. Search for duplicates before posting


5. Read the community's rules




Q&A RULES


1. Answers to questions will be posted immediately after moderation


2. Questions will be queued for posting immediately after moderation


3. Depending on how many posts we receive, you could be waiting up to 24 hours for your post to appear. But, please be patient as posts will appear after they pass our moderation.


MathsGee Android Q&A