Forecasting - Overview, Methods and Features, Steps
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1. Primary sourcesInformation from primary sources takes time to gather because it is first-hand information, also considered the most reliable and trustworthy sort of information. The forecaster himself does the collection, and may do so through things such as intervi… 2. Secondary sourcesSecondary sources supply information that has been collected and published by other entities. An example of this type of information might be industry reports. As this information has already been compiled and analyzed, it makes the process quicker. One thing that is definitely true is that budgeting and forecasting are both tools that help businesses plan for their future. However, the two are distinctly different in many ways. Let’s consider the following points: 1. Budgeting involves creating a statement that consists of numer…
1. Primary sourcesInformation from primary sources takes time to gather because it is first-hand information, also considered the most reliable and trustworthy sort of information. The forecaster himself does the collection, and may do so through things such as intervi…
2. Secondary sourcesSecondary sources supply information that has been collected and published by other entities. An example of this type of information might be industry reports. As this information has already been compiled and analyzed, it makes the process quicker.
One thing that is definitely true is that budgeting and forecasting are both tools that help businesses plan for their future. However, the two are distinctly different in many ways. Let’s consider the following points: 1. Budgeting involves creating a statement that consists of numer…
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