b) Explain what is meant by forecasting in management, and describe the relationship between planning and forecasting.A) What are the plans and why are they essential in management?
Management plans are the commitments or the journey a company wants to take, like its goals, objectives or purpose for its business success and to make profit.
Forecasting in management or risk management is how it can overcome obstacles, problems or concerns or the risks it had to overcome in order to complete the journey successfully.
So in my example of a management journey, planning is the start of the journey and forcasting or risk management is the end of the journey in order to reach it or success and make profit for the business.A) What are the plans and why are they essential in management?
no one plans to fail , they just fail to plan.
forecasting is weather for biz. or guess work goal setting.
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