Experiential Learning - Importance of Forecasting
Good forecasts are essential for the continuing health of a business. In particular, forecasts of future demand for the company's products are essential.
Knowing what to expect allows management to invest before demand arrives, and hence to maximise profit. It also allows the Finance department to estimate the demand for funds; and allow HRM to be ahead of demand when it comes to recruiting additional staff.
Edit 515 Business Simulations provide a platform for realistic forecasting using the wide range of relevant data that is produced.