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The Role of the Forecast in the Company’s Management

Author

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  • Raluca Podasca

    (Petroleum-Gas University of Ploiesti)

Abstract

The changes occurring in various areas of society caused a permanent research for the specialists in various fields in order to anticipate economic phenomena. Economic forecast has a fundamental role in the decision making process, primarily by reducing risk. Knowing the relative future is a modality that the company is ready to face the unexpected. Using forecasts, any manager can anticipate the future of the company, is able to appreciate the consequences of technological evolution determining methods of organizing to meet market demands. For both the manager and the company, the forecast is a necessity. The quality of the forecast determines the profitability, the economic and social growth, the entire process of renewal and changes that are required throughout the company’s activity. In the last decades, there were noted important advances in the forecast activity, especially in the management process.

Suggested Citation

  • Raluca Podasca, 2015. "The Role of the Forecast in the Company’s Management," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 341-348, May.
    • Handle: RePEc:ovi:oviste:v:xv:y:2015:i:2:p:341-348
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    More about this item

    Keywords

    company’s management; extrapolation; forecasting methods; time series;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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