The Role of Planning and Forecasting in Business Organization

The Role of Planning and Forecasting in Business Organization

The Role of Planning and Forecasting in Business Organization

 

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Abstract on The Role of Planning and Forecasting in Business Organization

The research was conducted mainly to examine the positive and negatives effects of not making good use of planning and forecasting in the business administration of an organization.   For effective research on this topic the role of planning and forecasting in business organization both primary and secondary data were used to elicit information from sample studied, the primary source of data were response from the personal interviews, while secondary source from text-books on business management and administration and periodicals. Twenty-five persons were interviewed as the sample of the staff and management of eastern shop Nigeria Ltd.  The data analysis was based on oral interview I had with the staff of eastern shop (twenty-five). The major findings are as follows: The planning and forecasting gules go ahead order to any individual, organization that is going into business to make judicious use of forecasting and planning and forecasting is aids to correct mismanagement in business organization.Poor forecasting attitude and in adequate planning poor integration of forecasting and planning in running of business organization.  Problem of in-experience in running of organization as a result of making use of sentiment, instead of strategy planning.Problem of business is also noticed to be an issue of planning on daily basis instead of medium term and long term planning and forecasting basis.  Problem arises because management “organization” believes that planning is not important, even if they believed that it is inborn and endowed from birth and inclination.

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Chapter one on The Role of Planning and Forecasting in Business Organization

INTRODUCTION

Andreas Faludi states that “Planning and Forecasting” is the “Queen” mother function of management (organization) and that if planning and forecasting fail, what/who will you direct, control, budget, staff, co-ordinate or organize rather than failure and shame”. Again he state that “Theories provide explanations, explanations are response to state of tension resulting from observing unexpected events (Tonlinin (2010).   Planning and forecasting present efforts to reduce surprise caused by such events by giving practicable accounts of how they came about”.

Forecasting is preparing of an organizations future objectives and its current material and personnel inventory, the general or departmental manager make an estimate of the current material and human resources that will be able to do in the future and how many more human and material resources the organization must line to meet its goods (Needle 2017).  Any business organization without element of forecasting is like driving a car blind-folded and being directed by a man looking out through the lack-window.

 

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