The role of planning and forecasting in business organization is a topic chosen from the business administration and management field.
The research was conducted mainly to examine the positive and negatives effect of not making good use of planning and forecasting in the business administration of an organization. For effective research on this topic. The ROLE ORGANISATION PLANNING AND FORECASTING IN BUSINESS ORGANISATION both primary and secondary data were used to elicit information from sample studied, the primary source of data were responses from the personnel interview, while secondary source from text books on business management and administration periodicals.
Twenty –five persons were interviewed as the sample of the staff and management of EASTERN shop Nigeria Ltd.
The data analysis was based on oral interview we had with the staff of EASTERN SHOP (twenty five). The major finding are follows.
The planning and forecasting is aids to correct mismanagement in business organization. And the planning and forecasting gives go ahead order to any individual, organisation that is going into business to make judicious use of forecasting and planning as a way of success in any business.
Poor forecasting attitude and inadequate planning’s.
Poor integration of forecasting and planning in running of business.
Problem of in-experience in running of organisation, as a result of making use of sentiment instead of strategy.
Problem of business is also noticed to be an issue of planning on daily basis instead of medium term and long term planning and forecasting basis.
Problem arises, because management “organisation believed that planning is not important, even if they believed that it is inborn endowed from birth and inclination.
The project has three chapter, chapter one contains introduction, statement of problem, objective of the study, significant of study, definition of important terms and research question.
Chapter two is the literature review. Hence some related literature were reviewed.
Chapter three deals with the finding, summary, recommendation and conclusion.
In summary, recommendation state that he who fails to plan, plans to fail, and as human heart cannot breath without air, so also business will not work without planning.
1.2 BACKGROUND OF THE SUBJECT MATTER
1.3 PROBLEMS ASSOCIATION WITH THE SUBJECT
1.4 THE PROBLEMS THE STUDY WILL BE CONCERNED WITH
1.5 THE IMPORTANCE OF STUDY
1.6 DEFINITION OF IMPORTANT TERMS
2.0 LITERATURE REVIEW
2.1 THE ORIGIN OF THE SUBJECT MATTER
2.2 SCHOOLS OF THOUGHT WITHIN SUBJECT AREA
2.3 THE SCHOOL OF THOUGH RELEVANT TO THE SUBJECT MATTER
2.4 DIFERENCE METHODS OF STUDYING THE PROBLEM
3.1 DATA PRESENTATION
3.2 ANALYSIS OF THE STUDY
Andrena Faludi state that “planning and Forecasting is the Queen mother function of management (organistion) and that if planning and forecasting fail, what/who will you direct, control, budget staff, co-ordinate or organize rather than provide explanations, explanations are response to state of tension resulting from observing unexpected events. (Toulinin, 9660).
Planning and forecasting present efforts to reduce- surprise caused by such events by giving practicable accounts of how they come about’
WHAT IS PLANNING AND FORECASTING?
Forecasting is preparing of an organistion’s future objectives and its current material and personnel inventory, the general or departmental managers makes resources that will be able to do in the future and how many more human and material resource the organisation must hire to meet its goals (Needle 1999: 178)
Any business organization without element of forecasting is like driving a car blind- folded and being directed by a man looking out through the back window. Furthermore, forecasting is prediction. It is an effort by enterprises to know what the future holds for it. Henry Fayol speaks of prevalence as the essence of management. According to Fayol “this looking ahead include both assessing the future and making provision for it.
Modern business management has become a complex activity and so there is the need for adequate forecasting. The need for adequate forecasting is apparent from the key role it plays in planning. Koontzat al stated that, as influence in plans of the entire environment outside the enterprise has come to be increasingly recognizes, forecasting of the environment has risen in importance”
The role of forecasting in business organisation is so important that it must be adapted by managers. The making of forecasting and their review by managers compel thinking ahead looking to the future and providing for it. Also the very act of forecasting may disclose areas where necessary control is lacking.
Andreas Faludi state “man’s understanding of this world and his ability to act in it, depends on his constructing an imaginary in his own mind. This applied equally well to the planner’s understanding of himself and his operation”
Planning in it simplest meaning is the determintion of anything in advance of action.
Planning is defined by koontz O Donneil as , “ deciding in advance what to do, who is to do it, how to do it, how to do it , when to do it , and why it should be done” planning bridge the gap from where we are to wher we want to go.
Planning can also be defined as “a predetermined cause of action that helps to provide purpose and direction for members of an enterprise.
In designing an environment for the effective performance of individual working together in groups, the most essential tasks is to see that purpose and ibjective and mwthod of attaining them are clearly understood.
Planning is the first function of a manager, it is necessary if anything or activities is to reach the denial goal. Through planning, a manager, can approach pre-determined objective rationally. All the work of an executive, whether he knows it or not is some way connective whether he knows it or not, is some way connected with the unfolding of a plan. In identifying the role of planning in business organisation, Koonzet al states that, “ we are in an economic, technological social and political era in which planning like other functions of managers has become requisite far enterprise survival.
Planning is unique in that it established the objective necessary for all group efforts.
Planning and forecasting are important tools of company management and decision making as they assist in the appraisal of investment of current marketing strategy and manpower planning and in the indentification and development of new products and new market, further they promote and facilitate the proper functioning of the many aspects of company’s activities
Planning and forecasting are compliments in that for a good result botjh go together. They could be regarded as independent parts that make a specified whole writing also in this concept, Koontz O’ Donneil states that ‘ forecasting especially where participated throughout the organization, may help to unify and co-ordinae plans. By focusing