THE IMPACT OF SALES FORECASTING ON BUSINESS PLANNING
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THE IMPACT OF SALES FORECASTING ON BUSINESS PLANNING
This study examines the impact of sales forecasting on business planning. Objectives include: (1) evaluating the accuracy of sales forecasts, (2) analyzing the role of sales forecasting in resource allocation, and (3) assessing the impact of forecasting on strategic planning. A survey design is employed to gather data from a broad population. Using Taro Yamane's formula, a sample size of 330 is derived. The case study focuses on the manufacturing industry in Kano, Nigeria, where accurate sales forecasting is critical. The reliability coefficient score is 0.85, indicating high reliability. Findings show that accurate sales forecasting significantly improves business planning and resource allocation. However, challenges in forecasting accuracy are noted. Recommendations include investing in advanced forecasting tools and training staff in forecasting techniques to enhance accuracy.
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