THE CRITICAL APPRAISAL OF THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANISATION

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THE CRITICAL APPRAISAL OF THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANISATION

ABSTRACT

The critical appraisal of the role of planning and forecasting in business organisation 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 chapters, 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.