VILLANUEVA, MAY JOY M.

CBME:ACTIVITY 7
BSA-1E
1.) Outline the steps in the forecasting process.
1. Determine the purpose of the forecast
2. Establish a time horizon
3. Obtain, clean, and analyze appropriate data
4. Select a forecasting technique
5. Make the forecast
6. Monitor the forecast errors

2.) Based on forecasts, there are possibilities of errors in your organization. What
would be your approach to these differences in the forecast. How would you
solve the actual output to your prediction? What if your prediction is higher
than your actual output? What solutions are you going to do?

 Due to the possibilities of errors in organization , quantitative approach

must be applied to analyze the data or objectives to gather solution on
how to fix these errors and differences in the said forecasts.
Quantitative approach is a reliable step to fix these differences. The
actual output can be solve to be aligned or surpass the prediction by
means of judgemental forecasts. The result of inputs obtained from
various sources or consumer surveys can determine the possible
outcome of the said output. If the prediction is higher than the actual
output, I must find or think of ways on how to surpass these prediction
in order for the actual output to be successful. I must gather ideas and
insights on why does the actual output doesn’t reach the prediction.
After these, I will consult to experts or experiment on the new possible
way to surpass the predictions.

3.) Why is sales force opinions important in creating forecasts.

 Sales Force opinions are important in creating forecasts because it

helps business get a better grasp on how you’ll make from sales over a
defined time period. It also facilitates the breaking down of the sales
forecast into specific products and markets and gives the sales team
more confidence in meeting their quota.