Forecast the Business World Is Essay

Open, View, and/or
Download this Document

Total Length: 612 words ( 2 double-spaced pages)

Total Sources: 1+

Page 1 of 2

In business, a regression analysis is a statistical technique for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables. In this instances, sales volume and hours worked can be plotted on a regression line. This allows managers to see a relationship between the two variables as it relates to sales volume. Depending on the result, or trend, managers are better able to forecast future sales growth (Freedman, 2005).

Another very common sales forecasting technique is that of trend projections. When numerical data are available, a trend can be plotted on graph paper to show changes through time. In this instance, sales volume growth can be depicted on the graph to show either a growing, or declining trend.

Stuck Writing Your "Forecast the Business World Is" Essay?

View All Our Example Forecast the Business World Is Essay

Have A Custom Example Essay Written

If desired, the trend line can then be extended or "projected" into the future on the basis of the recent rate of change. This trend analysis will project on future sales growth using a historical average to better help managers determine future sales opportunity (Bianchi, 1999).

In conclusion, forecasts play a vital role in a business. They help align both management and employees to a common and often difficult goal. It helps inspire individuals in a manner that is productive for both the employee and the individual. In order to be effective however, they must also be realistic and free from many of the common biases associated with forecasting. Through the use of both trend projections and regression analysis, business can make better informed decisions that ultimately help the business and society at large......

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Forecast The Business World Is" (2013, June 02) Retrieved July 4, 2025, from
https://www.aceyourpaper.com/essays/forecast-business-world-91410

Latest MLA Format (8th edition)

Copy Reference
"Forecast The Business World Is" 02 June 2013. Web.4 July. 2025. <
https://www.aceyourpaper.com/essays/forecast-business-world-91410>

Latest Chicago Format (16th edition)

Copy Reference
"Forecast The Business World Is", 02 June 2013, Accessed.4 July. 2025,
https://www.aceyourpaper.com/essays/forecast-business-world-91410
   

Open, View, and/or
Download this Document
order custom essay example