What experience have you had with forecastingplanning lookin

What experience have you had with forecasting/planning, looking at future business outlooks, and/or engaging in decisions to support growth of a firm/organization? Have ethics and/or mission entered into this process, and how? Provide an example and your perspectives.

Solution

The planning in any business is the key factor to the success of any business. The business plan is designed in such a way to meet the needs of the organisation keeping in view the future circumstances. The forecasting and planning involves the study of current performance and making decision on the steps to generate growth and profits for the organization. The forecasting involves the prediction of future keeping in view the scarce resources. It involves the important decisions related to financial requirements also. The management involves in sound decision making process and determine the capital requirements on the basis of forecast. With proper planning and forecasting, the management make decisions and able to tackle the unforeseen events also. The growth areas are also ascertained with the help of available figures used for planning and forecasting.

For example, the mobile making companies forecast the current trends of the devices and make the decision regarding innovation for being successful in future. The knowledge of current market helps to forecast and plan the product features and the sales also.

The planning of the organization is mainly dependent upon the goals and the mission. Further planning is done to implement the strategic plan at all levels of the management. The decision making is dependent on various factors like economic, social, cultural, technical, ethical factors etc. The ethical considerations are incorporated in mission statement regarding what is right and wrong and the same is constituted as a part of planning. The high ethical standards lead to better growth of the business as it results in positive image of the organization. For example, the usage of high quality raw material in making of the finished product. The manager may be tempted to use the low quality material which reduces the costs of the product. But the defined code of ethics is meant to be followed by each and every member of the organisation. This is crucial for long term success of the organization.