--%>
Assignment Help - homework help

Explain short term Demand forecasting

Explain short term Demand forecasting.

E

Expert

Verified

This forecasting is restricted to short periods, typically for one year. Significant purposes of Short term Demand forecasting are specified below:

1. Making an appropriate production policy to ignore underproduction and over production.

2. Helping the firm to decrease the cost of purchasing raw materials and for controlling inventory.

3. Deciding appropriate price policy so as to ignore an increase while the demand is low.

4. Setting accurate sales target upon the basis of future demand and establishment control. A high aim may discourage salesmen.

5. For planned production forecasting short term financial requirements.

6. Evolving an appropriate promotion and advertising programme.

   Related Questions in Managerial Economics

  • Q : Explain the reasons for demand curve

    Explain the reasons for demand curve slopes downward.

    		•
  • Q : Bend backward labor supplies Labor

    Labor supply curves “bend backward” within response to overwhelmingly powerful: (i) marginal effort effects. (ii) income effects. (iii) wealth effects. (iv) derived supply effects. (v) substitution effects.

    Q : Describe why firms may shut down

    If a perfectly competitive firm determines that its market price is below its minimum average variable cost, this will sell: w) the output where marginal revenue equivalents marginal cost. x) any positive output the entrepreneur decid

    		•
  • Q : Differentiate between Private Cost and

    Differentiate between Private Cost and Social Cost.

    		•
  • Q : Price Taker in Labor Supply Curves

    When a firm is a price taker in the labor market, in that case the: (w) wage is constant for any quantity of labor this would hire. (x) marginal resource cost of labor is constant for any quantity of labor this would hire. (y) wage equals the marginal

    		•
  • Q : Which progress illustration was Pilgrims

    Agricultural productivity within Massachusetts Bay Colony increased while Native Americans showed Pilgrims how crops grow faster and better when rotten fish are dropped in along with newly-planted seeds. This new knowledge for the Pilgrims was an illustration of: (1)

    		•
  • Q : Real business practices and traditional

    Illustrates the ways in managerial economics bridges between real business practices and traditional economic theory?

    		•
  • Q : Marginal Factor or Resource Costs The

    The words “marginal factor costs” or “marginal resource costs” taken as to the: (w) extra cost involved in producing an additional resource. (x) extra cost involved while producing an additional unit of a resou

    		•
  • Q : Profit Maximization with Marginal

    All profit-maximizing firms will hire further labor up to the point where is the: (w) average physical product of labor equals the nominal wage. (x) last unit of labor adds equally to total revenue and total cost. (y) marginal product of labor is at i

    		•
  • Q : Relation between Average Revenue

    Illustrates the relation between Average Revenue, Total Revenue and Marginal Revenue?

    		•