THE ROLE OF COST FORECASTING IN BUSINESS PLANNING
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ABSTRACT
THE ROLE OF COST FORECASTING IN BUSINESS PLANNING
This study examines the role of cost forecasting in business planning, focusing on: (1) the impact of cost forecasting on strategic planning; (2) the benefits of accurate cost forecasting for budgeting and resource allocation; (3) the challenges in achieving reliable cost forecasts. A survey design is used to collect quantitative data. Taro Yamane's formula is applied to derive a sample size of 320 respondents from Lagos, representing various business sectors. A financial services firm is chosen as the case study due to the critical importance of cost forecasting in financial planning. The reliability coefficient score for the survey instrument is 0.88. Findings indicate that accurate cost forecasting significantly enhances strategic planning by providing reliable data for budgeting and resource allocation. However, challenges include the complexity of forecasting and the impact of unforeseen variables. It is recommended that businesses adopt advanced forecasting techniques, invest in analytical tools and training, and regularly review and update their cost forecasts to support effective business planning.
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