Forecasting methods Essay Example | Topics and Well Written Essays - 250 words

Forecasting methods - Essay Example In a stable data, the forecast for any period is equivalent to actual value of previous periods. Companies compile data to determine their current values and future position in business. Companies like Puma and Nike uses this technique to determine market progress and future sales volume. Communication and transport industries also use this technique to assess their progress (Turchin, 2010). Estimating the average forecast is another techniques used by many organization. The value is calculated by determining forecast error. In determining forecast error, the actual value is subtracted from the predicted value of a time series. Forecast error can be either a calendar forecast or cross sectional forecast error. In calculation of forecast error, an organization can use calculating methods such as root mean squared error, mean percentage error, forecast bias and tracking signal (Kimberly, 2008). Some organization like Emirates Airline, Virgin Atlantic uses this technique. Use of forecast techniques has led to growth of many companies and industries. Each business organization should consider using forecast methods to determine

The John Lewis Partnership Essay Example | Topics and Well Written Essays - 1500 words

The John Lewis Partnership - Essay Example 6). The original owner of the business, John Lewis set up this particular business in 1864. Later in 1905, his son John Spedan Lewis became the head of Lewis’s other store (Peter John in Sloane Square). Political pressures to the extent of making major serious decisions regarding the company lured John Spedan Lewis so much. John Spedan wanted the company managed in a totally different manner. He decided that every single employee of the company who was permanent was going to have shares in the business; therefore, he organized the launching of a staff profit sharing plan, which was held at one if the businesses (Peter Jones store). The structure of the organization has become totally different in the sense that, everybody in the company has the say and gets the shares instead of having one director owning the company and making major decision. Everybody who works in the company is a boss and there is no possibility of having rules that can be followed as there is no one in cha rge of that work. This is because everybody in the company is a director. (Pederson 2008, p. 165). Finance Partners in the company have a direct monetary attention, making them exercise their power in the company. This is because in JLP, all partners are entitled to a yearly bonus, which is obtained from the company’s annual profits (that is 10% - 15% of every individual’s annual earnings). ... The partners together with their families have the privilege to enjoy all the leisure and accommodation in the facilities; hence this will most likely result in the collapse of the business in future. Marketing LP works in selections of highly aggressive business surroundings; Tesco, Sainsbury and walmat (Asda), thus controlling the food retail market in the United Kingdom. JLP has also ventured into the clothing business, electronics, furnishings, and even furniture creating competition with various departmental stores. JLP is aware that in order to make it in such business and with so much competition involved, everything that is done will need maximum competence and usefulness. This means that the management of the company has to be taken seriously, otherwise due to the entire staff ownership of the business, some members may not take their jobs seriously, as they may only be focusing on what they have in the company (Lewis 1986, p. 6). The company catalogue shows that the intenti on of John Lewis Partnership is merely to satisfy its members. John Lewis Partnership has come up with a convention arrangement of a massive organization in terms of setting up a main headquarters and varieties of dissections, stockrooms and branches, industries and retail supplies. Waitrose have demonstrated their focus on quality and importance for money, as their way forward to its selling and procedures. Waitrose have since had a tradition of marketing their products together with local products. This is the reason the company has been able to win the attention from all types of customers, both from local and international arenas. They have goods varying from expensive, cheap international and local goods. Waitrose predicted the