Asked by Charlease Jordan on Jul 22, 2024
Verified
___ is the process of predicting what will happen in the future.
A) Benchmarking
B) Scenario planning
C) Contingency planning
D) Staff planning
E) Forecasting
Forecasting
The practice of predicting future trends, demands, or events based on historical data and analysis.
Predicting
The process of forecasting future events, outcomes, or trends based on current or historical data, using various statistical, mathematical, or computational techniques.
Future
A period of time that has not yet happened but is considered in terms of potential events or developments.
- Understand the importance of forecasting and scenario planning for predicting future needs within an organization.
Verified Answer
SA
Sandra AndradeJul 29, 2024
Final Answer :
E
Explanation :
Forecasting is the process of predicting what will happen in the future. Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. Scenario planning involves creating hypothetical future scenarios and developing plans to address them. Contingency planning is the process of developing a backup plan in case of unexpected events. Staff planning involves identifying current and future staffing needs for a business.
Learning Objectives
- Understand the importance of forecasting and scenario planning for predicting future needs within an organization.