` Techniques of business forecasting

 Methods of forecasting

The process in which manager predicts the coming events according to facts ,figure and make policy programme, rules, regulation law to minimize its negative impacts .This process is called business forecasting.

Thee are many techniques of business forecasting. These techniques are as below.

1.Survey method -It is the first and simple method of forecasting .The process in which the representatives of company  go to respondents and ask some professional questions .This process is called survey method.It is very easy method of forecasting.In this method company knows the changing need desire, demand of customers ,consumers and make policy to cash thier demands .There are two types of survey methods these  are :-

a.Consumer survey method 

b.Opinion poll method

2.Trend Projection Method-It is also an important and classic method of business forecasting .It concerns the movement of variable according to time.There are many variables of any events. Some are fixed some are variable.The process in which manager takes  previous data of variables and calculate their role in event in coming era this process is called trend projection method.

There are three types of trend projection method:-

a.Graphical method

b.Least square method

c.Box Genkins method

3.BarowMetric method-It is also an important method  of business forecasting .All the economic events are posted on barrow meter after putting the data manager  calculate and measure the coming economic event that may happen in economy.It  is developed in 1920 but it becomes very popular in the period of 1930.There are many methods can be use in barometric method .These are leading series,coincidental series,lagging series.

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