About Justifying That Business Is The Art Of Forecasting - 275 Words

About Justifying That Business Is The Art Of Forecasting (Essay Sample) Content: Cutthroat competition in the business arena compels businesspersons to revise their strategies lest they lose their edge to more aggressive competitors. Identifying a niche worth investing ones capital is an intricate but crucial task that any investor must undertake. As Al-Shatanawi, Osman, and Halim (2014) explain, whether aspiring to venture into business or already in one, forecasting helps to predict future developments in sales, expenditures, and profits, which in turn helps in decision making. Business is in itself a calculated practice of investing to earn profits; a mission that is entirely dependent on how efficiently one makes business decisions.Any business venture is replete with uncertainties. Decisions are made in the present with the aim of reaping benefits in the future. In making investment choices, it remains a necessary undertaking to conduct market research to identify a gap in the production-consumption matrix. This void alone does not necessari ly imply that the opportunity will continue being profitable. Going a notch higher into using existing data to determine strategies that will maximize profits is thus an unavoidable exercise. Success in an area of specialization dictates carving out the most efficient production techniques or service delivery, superior customer services, and ability to discern and respond to unmet needs (Ashok, Day, Narula, 2017). These requirements explain the recent upswing in demand for accurate, up-to-date market data....