Economic Forecasting and Planning
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In a very competitive and global economy it is critical that corporations and businesses develop internal and external operational and fiscal strategies that provide the potential for continued corporate and professional growth. It is the purpose of this paper to explore those planning and forecasting principles that offer businesses the opportunity to remain competitive in a very aggressive and ever-changing business environment. This study examines the three main types of forecasting methods (causal, qualitative, and time series). Inclusive in the project is an analysis of accepted planning and forecasting principles. Additionally, this study investigates the relationship between planning and forecasting principles and methods, in combination with actual case studies. The case studies detail GKN Sinter Metals' (a multi-national powder metal fabricating firm) attempt to examine their future competitiveness via a review of their sales and marketing systems. As reported in the details of this project, GKN Sinter Metals utilized several of the planning strategies necessary to determine their growth capacity for the future. In doing so, they discovered that using a grass roots forecasting model served their interests because it best fit their organizational operating style. The following information attempts to organize the several considerations required to build and sustain a quality self-examination of one's business and corporate potentials.