There are two general approaches to forecasting. the quantitative approach and qualitative approach. Two samples for each(TOTALLY 4 SAMPLES)with reference to a MEDIUM-SIZED MANUFACTURING ENTERPRISE.

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Name: Instructor: Course: Date: Forecasting approaches Introduction Enterprise managers have the desire to identify possible future events for them to determine the appropriate action to be taken or have the desired course action designed well in advance before its implementation. Every aspect of the business needs some sort of forecasting to determine its current and future possible demands, internally and externally: finance needs to establish the appropriate funding required and time-frame for borrowing; accounting should identify the cost estimates and projected profits; marketing to determine business competition strategies; human resource to identify recruitment, interview, layoff strategies, and personnel development such as training and counselling. These are just some examples with which forecasting can help in management decision making because the efficiency of the action plan adopted depends on the accurate prediction of future events. Irrespective of whether the enterprise provides services, sells or manufactures products, forecasting is inherent because they are so established to meet particular client needs. A forecast, therefore, refers to the process of estimating future events through a systematic combination and forward ‘casting' of data obtained from the past, and a good one is invaluable in aiding managers "plan the system" in the long-run and "planning the use of the system" which is often in short to the intermediate term. It is, therefore, belligerent that managers are well-knowledgeable on the forecasting techniques and how they affect the operations as this is a crucial element of the management process. Figure 1: The Forecasting

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