The Role Of Planning And Forecasting In Business Organisation

In modern business, planning and forecasting are two important management tools of company for decision- making as they assist in the appraisal of investment project and in the analysis measurement, and improvement of current marketing technique and manpower. This research was carried out mainly to evaluate the role of planning and forecasting in the business organization. On this mote, both the primary and the secondary data were used to extract information from sample studied, the primary source of data were response from field survey through administering of questionnaires  while secondary source from textbook on business management, handout materials, administration and periodicals. Sixty questionnaires were administered in both the formal and the informal sector of business organization while only fifty were retrieved for the study analysis. The data obtained were analyzed with the use of non-parametric technique of analysis of chi-square (X2). However, the findings found that planning and forecasting are to correct mismanagement and mis-appropriations in business organization, also, planning and forecasting gives go ahead over to any individual organization that is going into business to make judicious use of forecasting and planning as a way of success in the business. The study therefore, recommends that good planning must be organized because through appropriate grouping activities and clear delegation of authority. Managers must be hold responsible for planning within their area of authority. What is sometimes neglected is sufficient staff assistant’s to make decisions for which they are responsible. Most managers should improve their planning and forecasting if they had well in guttering information and its analysis.

 

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