The industry I have selected for this discussion is the University. The University has the responsibility to make an accurate forecast for its future needs (Armstrong, 2001). The organization would like to forecast the number of future students, types of students, the number of faculty members needed, the number of buildings required in the institution and the amount of budget for all the items. With the number of future students, the University should forecast to determine its tuition plans and the amount of students expected to attend the school in that period. The university will forecast the types of students to know whether they are government sponsored or self-sponsored. This will help in determining the amount of aid to expect from the government. Forecasting the number of faculty members would be important to determine the number of students assigned to each lecturer. Also, it would be useful during timetabling and distributing classes.
Forecasting the number of buildings required in the institution would help to accommodate the expected number of student who will attend the school. It will help in providing facilities students need for their desired degrees. Lastly, the University will forecast the amount to budget for all these items. The budget is important because it will help the organization to determine the number of students to admit, the types of facilities to build and the amount of money to pay the faculty members.
Some of the variables used for long-range forecasting include the number of buildings needed in the institution, offering superior faculty members and concentrating on the performance standards of the school. The University can work with local companies and match the students’ degrees with the requirements of the companies (Armstrong, 2001). Being proactive is critical for an organization (Armstrong, 2001). These long-term goals will take the institution more than two years to accomplish them. With short-range forecasting, the variable includes hiring school recruiters that will help students in their various schools.
Armstrong, J. S. (2001). Principles of forecasting: A handbook for researchers and practitioners. Boston, Mass. [u.a.: Kluwer.
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