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Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case

Received: 26 April 2018     Accepted: 15 May 2018     Published: 25 June 2018
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Abstract

This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.

Published in American Journal of Operations Management and Information Systems (Volume 3, Issue 2)
DOI 10.11648/j.ajomis.20180302.12
Page(s) 46-51
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2018. Published by Science Publishing Group

Keywords

Scientific Business Forecasting, Depressed Economy, Business Decisions, Nigeria

References
[1] Dhaval, S. http://www.businessmanagementideas.com/business-forecasting/top-6-methods-of- business-forecasting/3952 retrieved on January 20, 2018.
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[3] Ajonbadi, H. A. (2000). Applied Business Management Theory. Mcdonald Evans: London.
[4] Armstrong, J. S., Brodie, R. & McLntyre, S. (1987). Forecasting Methods for marketing, International Journal of Forecasting, 3, 355-376.
[5] BusinessDictionary (2017a). http://www.businessdictionary.com/definition/forecasting.html
[6] Encyclopedia.com (2017). http://www.encyclopedia.com/social-sciences-and-law/economics- business-and-labor/economics-terms-and-concepts/business
[7] Crosby, J. V. (2000). Cycles, Trends, and Turning Points: Practical Marketing and Sales Forecasting Techniques. NTC Publishing.
[8] Chase, C. W. Jr. (2000). Composite Forecasting: Combining Forecasts for Improved Accuracy. Journal of Business Forecasting.
[9] Aston, A. and Weber, J. (2006). "The Worst Isn't Over: Smarter science is helping companies and insurers plan for hurricanes. The Bad News: This year could be another doozy." Business Week, Jan 16,
[10] BusinessDictionary. (2017b). http://www.businessdictionary.com/definition/quantitative-forecasting.html
[11] Mentzer, J. T., & Carol C. B. (1998). Sales Forecasting Management: Understanding the Techniques, Systems, and Management of the Sales Forecasting Process. Sage.
[12] Mentzer, J. T. & Mark A. M. (2004). Sales Forecasting Management. Sage Publications, Inc.
[13] Lancaster, G. A. & R. A. Lomas, 1985, Forecasting for sales and material management Macmillan, London 3-3/4
[14] Henry, P. & Joseph, A. (1987). Callanan. Sales Management and Motivation. Franklin Watts.
[15] Hughes, M. C. (2001). Forecasting Practice: Organizational Issues, The Journal of the Operational Research Society, 52, (2):143 –149.
[16] Lucey, T, (2002). Quantitative Techniques, 6th edition, London: Continuum Book Power/ELST.
[17] Green, K. C., Armstrong, J. S., & Graefe, A. (2007). Methods to Elicit Forecasts from Groups: Delphi and Prediction Markets Compared. Foresight, 8, 17-20.
[18] Evans, M. (2002). Practical Business Forecasting. Blackwell Publishing. Sage.
[19] Gaber, T. J, Goldenberg, B. L., & Eitan M. (2004). From Density to Destiny: Using spatial dimension of sales data for early prediction of new product success. Marketing Science.
[20] Gray, A. (2005). How Forecasting Can Help the Bottom Line. Fairfield County Business Journal.
[21] Engerman, S. (2005). On the Accuracy of Some Past and Present Forecasts. International Monetary Fund Staff Papers.
[22] Churchill, Jr., Ford, N. M., Walker, Jr., O. C., Johnston, M. W., & Tanner, Jr., J. F. (2000). Sales Force Management, 6th ed., Boston: Irwin McGraw-Hill.
Cite This Article
  • APA Style

    Frank Alaba Ogedengbe, Esther Ogedengbe, Clement Osigwe Okhakhu, Donald Ozemenbhoya Ewanlen. (2018). Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. American Journal of Operations Management and Information Systems, 3(2), 46-51. https://doi.org/10.11648/j.ajomis.20180302.12

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    ACS Style

    Frank Alaba Ogedengbe; Esther Ogedengbe; Clement Osigwe Okhakhu; Donald Ozemenbhoya Ewanlen. Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. Am. J. Oper. Manag. Inf. Syst. 2018, 3(2), 46-51. doi: 10.11648/j.ajomis.20180302.12

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    AMA Style

    Frank Alaba Ogedengbe, Esther Ogedengbe, Clement Osigwe Okhakhu, Donald Ozemenbhoya Ewanlen. Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. Am J Oper Manag Inf Syst. 2018;3(2):46-51. doi: 10.11648/j.ajomis.20180302.12

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  • @article{10.11648/j.ajomis.20180302.12,
      author = {Frank Alaba Ogedengbe and Esther Ogedengbe and Clement Osigwe Okhakhu and Donald Ozemenbhoya Ewanlen},
      title = {Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case},
      journal = {American Journal of Operations Management and Information Systems},
      volume = {3},
      number = {2},
      pages = {46-51},
      doi = {10.11648/j.ajomis.20180302.12},
      url = {https://doi.org/10.11648/j.ajomis.20180302.12},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajomis.20180302.12},
      abstract = {This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.},
     year = {2018}
    }
    

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  • TY  - JOUR
    T1  - Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case
    AU  - Frank Alaba Ogedengbe
    AU  - Esther Ogedengbe
    AU  - Clement Osigwe Okhakhu
    AU  - Donald Ozemenbhoya Ewanlen
    Y1  - 2018/06/25
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    DO  - 10.11648/j.ajomis.20180302.12
    T2  - American Journal of Operations Management and Information Systems
    JF  - American Journal of Operations Management and Information Systems
    JO  - American Journal of Operations Management and Information Systems
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    EP  - 51
    PB  - Science Publishing Group
    SN  - 2578-8310
    UR  - https://doi.org/10.11648/j.ajomis.20180302.12
    AB  - This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.
    VL  - 3
    IS  - 2
    ER  - 

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Author Information
  • Department of Business Administration & Management, School of Business Studies, Auchi Polytechnic, Auchi, Edo State, Nigeria

  • Department of Humanities, School of General Studies Auchi Polytechnic, Auchi Edo State, Nigeria

  • Department of Business Administration & Management, School of Business Studies, Auchi Polytechnic, Auchi, Edo State, Nigeria

  • Departmentt of Marketing and Entrepreneurship, Federal University, Otuoke Bayesla State, Nigeri

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