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Showing posts with the label forecasting

The Benefits of Big Data and Forecasting in Today's Economy

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Forecasting is a prediction of some future event. It is used as a mechanism for strategic planning in most industries but is pronounced in marketing, economics, human resources and investing that rely on future predictions to determine the best courses of actions. Forecasting affords the ability to understand market risks as companies seek to stay ahead of changes and adjust their processes to meet market challenges. Forecasting can be simple or it can be complex. Typically methodologies use formulas and strict processes to ensure they are giving fair weight and evaluation to the necessary factors used in making that prediction. The process is so important that people have made their living simply off of analyzing information and making usable intelligence for others. Predictions are as much likely to be wrong as they are to be correct. The problem with predictions is that no one can truly know the exact possibility of the future or all of the outlier events that can change a cou

Forecasting The Markets by Managing the Data Monster

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Accurate forecasting data is paramount to successfully trending the market and creating strategic advantages. A paper by Bill Stringer discusses the use of big data programs and how this influences the success of the chemical industry. For the purposes of my own research, I am considering the merits of big data in proper market forecasting.  Big data can uncover information that is not easy to find or discern. The relationship between the data pieces offers an opportunity to find trends and information that is not contained in standalone measurements.   When organizations use big data well they can more accurately assess performance and variability to meet market trends.  The author believes that big data is the next frontier of nearly every economic sector. Companies will find ways to appropriately analyze large and complex data sets in both the private and public arenas. The ability to harness the data monster will allow for greater waves of growth, productivity and inn

Market Research and Market Forecast

Understanding the needs of the customer is a fundamental activity that coincides with the development of the business. As customers and their patronage are the lifeblood of an organizations existence it is extremely important for organizations understand their needs and wants. One way to do this is to determine the market trends and attempt to find products and solutions that will appeal to customers. To do this well would require a level of market research and market forecasting. The American Marketing Association defines market research as, “ the systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area ” (2011).   Market research collects specific information to study market characteristics while a marketing analysis puts the information into a framework that is understood for prediction purposes. Some assessment tools, such as Ansoff’s Matrix Analysis, provid