FORECASTING IN PRODUCTION

MANAGEMENT OF THE BUSINESS

ORGANIZATION
A Case Study In Financial Management

Submitted by:

Jodelyn B. Turno

Submitted to:

Erlinda D. Rivera

10/1/2018
 FORECASTING IN PRODUCTION MANAGEMENT OF THE BUSINESS
ORGANIZATION

Introduction

A small business must adjust constantly to a changing market. In order to make those
adjustments, its management needs to predict what may happen in the marketplace. Accuracy in
making forecasts can mean the difference between being ready and being left behind. Spending
time reviewing your forecasts before marketing, sales meetings and especially in the production
side will help you make sound decisions for the betterment of the business.

Forecasting is preparing of an organizations future objectives and its current materials

and personnel inventory, the general or departmental managers makes an estimate of the current
materials and resources that will be able to do in the future and how many more human and
materials resources the organization must hire to meet its goals.

Forecasting is a decision-making tool used by many businesses to help in budgeting,

planning, and estimating future growth. In the simplest terms, forecasting is the attempt to
predict future outcomes based on past events and management insight.

Objectives of the study

This study is meant to examine the problems of forecasting in production management of

the business organization. It will examine the role, which managers, tries to implement by using
forecasting to achieve effective and efficient management of the organization and society at
large. The research will also find solution to some of the problems managers encounter by
implementing forecasting in their day-to day activities.

Statement of the problem

The problems forecasting encounter in an organization affects it productivity. Over the

years, business organization has series a lot eradicate these problems.
The problems are:

 To know the effect of forecasting in production management of the business

organization.
 To know how forecasting carryout their tasks.
 Whether the problems are caused as a result of poor motivation.
 To know whether the working environment is conducive for forecasting.

Body

In today’s business some people jumps into business world without minding the rate of
forecasting, due to he believe that says, “with money all things are possible” and also believe that
they are man enough to handle anything, which is very wrong, and also an abuse to the business
concept.

Theories provides explanation which are responses to states or tension resulting from
observing unexpected event (TOULMIN, 1960) they represent efforts to reduce surprises caused
by such events by giving plausible accounts of how they forecasting has any theoretical backup
yes of course, it has. According to Hagreanves 1983: 3 and 7 says “Before planning will be
completed you need to prepare deals in forecasting of sales, profits, production, finance and
man-power, due to the fact that will help to validate your plan”. Another pronounce professional,
Jack Mitovurie states that “forecasting is an essential aid for management decision in such
critical areas as estimating, the profitability of new product, the cost and likely effectiveness of
promotion possible effect of price change and the need for additional resources of sale man,
advertising of administration. According to Koonztz and Donnell (1980) defines planning as
deciding in advance what to do, how to do it, who is do it and why it should be done. Again,
Henry Fayol says that planning and forecasting is “looking ahead includes both assessing the
future and making provision for it. Lastly but not the least that are going to mention is Peter
Drunker in practical management 1995:p4 it says “He that love his life wife loves, planning and
he that hate planning embraces embarrassment; he that fails to plan, plans to fail.
Recommendation

Based on the theoretical evidences, every business really needs to have a forecasting in
order for their productivity measures. It would always help the business carry out tasks because
of the futuristic basis that they’ve already prepared. Though there is no perfect forecast, still, the
probability of the positive side for the results in the day-to-day operations are being assured.

Conclusion

Forecasts are vital to planning, but so is remaining conservative in estimates about your
company's ability to take advantage of demand. Generally, everybody or anybody and all that
want to survive in this ever dynamic business world must learn to plan and forecast in these
perilous or risk evil days of ours.

References

 Vanguard Software Corporation, (2018). Retrieved from

http://www.vanguardsw.com/business-forecasting-101/what-is-forecasting/
 TOULMIN, (1960). c https://muse.jhu.edu/article/233239
 Koonztz and Donnell (1980). Retrieved from https://www.abebooks.com/book-
search/kw/koontz-o-donnell-weihrich/
 Mitovurie J. (2013). Retrieved from http://articlesng.com/planning-forecasting-business-
organization/
 Fayol, H. (1841-1925) Retrieved from https://www.toolshero.com/management/14-
principles-of-management/
 Jodelyn B. Turno
 09056436523
 jodturno143@gmail.com

PERSONAL PROFILE
Date of Birth : July 31, 1999
Place of Birth : Brgy. Cebuano Group, Wao, Lanao del Sur
Civil Status : Single
Age : 19
Skills

 Responsible and organize individual

 Has a knowledge in Microsoft Word, Excel, and PowerPoint in English
 Can work with less supervision
 Can work under pressure
 Dedicated and focused person who excels at prioritising and completing multiple tasks
simultaneously.
 Committed in delivering high quality results.
 Energetic, organised, and professional.

CAREER OBJECTIVE
To obtain for a position that will give me an opportunity to showcase my current abilities
in doing multiple tasks and enhance my skills set as an individual and a position that would let
me use my educational background for the organization.

EDUCATION
Course: Bachelor of Science Major in Accounting Technology
Year Earned: 2019
School: Capitol University
Address: Corrales, Extension, Cagayan de Oro City

AWARDS AND ACHIEVEMENTS

• NSTP Class Topnotch Award 2015-2016

• Academic Half Scholar 2017-2018
• Cyber Etiquette Certificate
• Win/Win Thinking In A Win/Lose Business World Certificate
• Financial Literacy Program Certificate
• AccounThink: Know the Regulatory and Statutory Corporate Requirements Certificate
• Fraud and Scam Awareness Certificate
• Most Effective Tactics to Handle Money: A Financial Literacy Certificate
• Stress: How to Manage It Plus More Certificate

PRE PROFESSIONAL EXPERIENCE AND ACCOMPLISHMENTS

• Implementation of Entrepreneurial Product, 2018

• Integrated Billing and Cashiering System, 2018

PARTICIPATION IN SOCIO-RELATED ACTIVITIES

• NSTP Community Extension 2015-2016
• NSTP Gift Giving 2015-2016

REFERENCES AND DOCUMENTATION

Prof. Frank Paurom, CPA

Professor of Capitol University

09171407946

Prof. Michelle Ogatis, CPA

Professor of Capitol University

Michelle.ogatis@gmail.com
Jodelyn B. Turno
Zone 3, Kauswagan,
Cagayan de Oro City

31 January 2017

Margareth R. Gardo
VP for Human Resources
Banco de Oro Excellence Corporate Center

Dear Ma’am:

I would like to take this opportunity to apply for the position as a bookkeeper in your office.

The opportunity presented in your online advertisement is very interesting. I believe that my
education will make me a very competitive candidate for the said position.

I am a graduate of BS-Accounting Technology at Capitol University. With this degree, I have a

full understanding of bookkeeping entries into the computerized accounting system of the bank. I
am proficient in Microsoft Office operations. I am an organized and detailed oriented person in
terms of my works, and I am able to maintain any confidentiality in regards of my position. Also,
I am gladly willing to work overtime on weekends and holidays. I believe that the key strength
that I possess will vouch me to be an asset of your company.

Thank you for your time and consideration. I am looking forward to speak with you about this
employment opportunity. I can be reached anytime via my Gmail at jodturno143@gmail.com or
on my phone number, 09056436523.

Sincerely,

Jodelyn B. Turno