Describe an example of how you might use forecasting in the following categories
ID: 361777 • Letter: D
Question
Describe an example of how you might use forecasting in the following categories for a welding business: 1. Economic forecasts: predicting changes of business cycles 2. Technologicall forecasts: rates of technological change 3. Business forecasts: predicting demand. The three steps to small business forecasting. 1. Know your baseline 2. Look at multiple scenarios 3. Simplify with business forecasting software Describe an example of how you might use forecasting in the following categories for a welding business: 1. Economic forecasts: predicting changes of business cycles 2. Technologicall forecasts: rates of technological change 3. Business forecasts: predicting demand. The three steps to small business forecasting. 1. Know your baseline 2. Look at multiple scenarios 3. Simplify with business forecasting softwareExplanation / Answer
Welding business is generally considered to be have limited territory and comparatively at smaller scale in comparision to manufacturing. Although most of the business units having metals in section needs welding as an important part. Following are the forecats:
Economic Forecast:- Economically there goes hardly any change in welding business. Because, all the metal related things usually moves on especially when repairing is considered. All of the household or vehcile users at any day needs welding at some point or the other. Lets say; a set of population using vehicles wil certainly require welding at certain point of time, as growing buying power people do buy more vehicles. Similarly lets say, people are constructing houses, shades, shops etc; needs welding at a givem point. As these are on going activities.
Technological forecast:- Technically, there can be many changes to be considered depending on the type of use. Assuming the business is being used at near by location for a limited population who may need welding for their household repairing purpose; there can be hardly any change technically. Bang opposite, lets say a furniture unit or two wheelers assembling who needs speedy production; may seek for robotic way of welding techiques.
Business forecasts: There can be limited forecast only when it comes to welding technology as of now. Because of current market trends there are less trends to be identified. Although, lets say if there is going to be increase in demand in vehicles for its sales (assuming low cost interest over loans), vendors may need to increase productivity as the demand may rise and vice versa. Similarly lets say people are opening more shops or constructing more houses due to less infrastructure developmement costs or even low real estate prices, then too there will be increase in demand of welding technology.
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