The methods of forecasting and planning provide a diverse array of perspectives on predictions for the future. In order to use the methods best suited for their particular needs, it is important for all managers throughout the organization to understand the characteristics, strengths, and shortcomings of the various methods.
Budgeting for Nonprofit Organizations
In the Resources this week, you have examined a number of available tools and methods available to managers to assist in forecasting and planning. For this Discussion, from your own organization or one with which you are familiar, select an area where forecasting would be a valuable tool for planning. Focus your thoughts on providing at least one example in a human resource management forecasting application. What concerns if any do you have?
Using the “Steps in the Forecasting Process” outlined on page 274 of your text (Shim & Siegel, 2009), proceed through each of the first four steps for the organizational area you selected and post your work for each step. For Step #3, select both a qualitative and a quantitative forecasting method and provide the reasoning behind your choice. For Step #4, simply indicate how you would gather the data? Please ensure that you have provided thoughts on at least one HR application.
Also address the following in your post:
Step 1 The What, Why of forecast and what will be needed. Indicate the level of detail required in forecast (forecast by region, by product.
Which type of forecasting tool seemed more appropriate for the organization you selected—a qualitative or quantitative tool? Why? What do you see as the advantages and disadvantages of each in this specific organizational setting?