Question

Identify correct steps in forecasting.
I. Analysis of deviations
II. Forecasting future course of business
III. Improving the existing forecasting procedure
IV. Identifying and developing the structure.

• A. II, IV, I, III
• B. III, I, II, IV
• C. I, III, IV, II
• D. IV, II, I, III

Answer 1

Answer: (D)

IV, II, I, III

Forecasting refers to the technique of gathering information regarding the future well in advance and making use of it in preparing a planning premises for the business. The correct steps of forecasting is

• Identifying and developing the structure of the business
  
• Gathering information regarding the future course of business
  
• Analysis of deviations in the information
  
• Improving and taking corrective measures to remove those deviations.