JWI 531 Strayer University Week 5 Business Forecasting Discussion

Question Description

Week 5 Discussion

Forecasting

Thisweek, we learned about the importance of forecasting future sales andprofit for companies. Of course, there are many factors which can affectthe reliability of these forecasts, such as interest rate fluctuations,competitive innovations, new customers, etc. But still, finance leadersmust make every attempt to build their business strategy on forecaststhat are as accurate as possible.

Asyou think about your companys ability to forecast future sales andprofit, what are two or three of the most significant variables that aredifficult to predict?
What information and data would you use to improve the forecast accuracy?
How can you go about collecting and leveraging this data?

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