The effects of forecasting accuracy on business and supply chain planning
- Authors: Nkosi, Makhehla Andries
- Date: 2012-06-04
- Subjects: Business forecasting , Polymer industries , Business planning , Forecasting accuracy , Supply chain management
- Type: Thesis
- Identifier: uj:2356 , http://hdl.handle.net/10210/4811
- Description: M. Ing. , Undoubtedly, forecasting accuracy presents many advantages to a business, but the opposite is also true for forecasting inaccuracy. This paper is intended to outline the effects of forecasting accuracy on business planning while also investigating factors that affect it. The role of the human element in this regard is also discussed in the report. The study is qualitative in nature with an exploratory approach. A survey and focus group interviews / discussions were conducted so as to achieve the aim of the project. The information obtained from these two methods was used to explore the research questions which in turn were designed to identify the impact of forecasting accuracy and factors that affect this accuracy. The findings of the study indicate that the effect of forecasting accuracy is more significant than commonly perceived. The findings also outline the important factors affecting forecasting accuracy. The basis of this argument is that most of the factors that affect forecasting accuracy can be controlled and are centered on people. Therefore, in order for companies to survive, they must begin improving v their forecasting process and paying more attention to the human element of this process.
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Die rol van ekonometriese vooruitskattings in beplanningsbegrotings
- Authors: Presto, Eugene
- Date: 2014-04-14
- Subjects: Business forecasting , Budget in business , Business planning
- Type: Thesis
- Identifier: uj:10615 , http://hdl.handle.net/10210/10137
- Description: D.Com. (Economics) , Successful forecasting and a understanding of the forecast. study is to develop and propose a South African Airways which will the Working Budget. To do this the must be evaluated, extended and to satisfy the needs of the airline of this model for to project methodology where necessary The purpose forecasting enable it existing changed industry. Information on budgets in general, the definition and purpose thereof, as well as the use of the budget as a tool for management was readily available. Similarly information on forecasting and forecasting models could be found, but no pUblished research indicating a method or model for the forecasting of the Working Budget in South African Airways was available, nor was any evidence found of the use of a more sophisticated model other than forecasting a budget based on historical tendencies. In chapter one the purpose of the study is defined followed by a short description of the contents of each chapter. Chapter two underlines the importance of the managerial functions in a company. The level of management will determine the degree of the functions to be performed, whether it be planning, organising, directing, activating or controlling. Management tools are available to ease the task, and one of these tools are budgets, which could be regarded as the most important tool. Chapter three and four contain an expanded review of budgets and budgeting. Whilst the basic principle of budgeting remains applicable to all types and sizes of business, the methods and application could vary. A matter to be settled ab initio is the period that the budget parts : part one and part two the information can be should cover. Three time periods may be drawn : a yearly budget; five-year plan; or a long-term plan. The main categories of budgets are then detailed, namely the sales, purchasing and financial budgets. Chapter four continues with a description of historical data flow, and how the data flow will influence the model to be used. Finally the South African Airways budget system, which is divided into a Capital and Working Budget, is described.
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