Grand Canyon ECON 0101- Discuss the strategic importance
Answer the following questions. Each question must have a reference. Discuss the strategic importance of forecasting at your organization (or one with which you are familiar). What strategic decisions does it need to make in terms of forecasting? Provide two recent examples. In your opinion, was this the best way? How could the process be improved?Refer to the Topic Material, “Chapter 1 – Fundamental Issues in Business Forecasting.” This resource includes a discussion of unrealistic expectations and forecast accuracy. How have you seen this demonstrated in your organization or industry? Describe the forecasting scenario and the “prediction” that did not come true. What conversations did management have surrounding this issue? How would you mitigate expectations for a situation like this in the future?Identify two key strategic decisions made by your current team, department, or organization. How could those decisions have been enhanced by optimization models? Support your rationale with evidence from readings or external research.
