FORECASTING AS AN EFFECTIVE TOOL FOR BUSINESS DECISION MAKING (A CASE STUDY OF DEMAND FORECAST BY CHAMPION BREWERIES, UYO)

ABSTRACT

This study examined critically forecasting as an effective tool for Business Decision Making using Champion Breweries Plc Uyo as a case study. To carry out the research objectives, the study adopted the survey research design while convenience sampling technique was used to select fifty (50) respondents as sample size for the study. Instrument for the study was a self-developed questionnaire and forms were personally administered. The findings from the study revealed that the effects of forecasting as a tool for business decision making includes: to chance achievement of organizational goal, to achieve customer’s satisfaction and to maximize profit. That the problems of forecasting for effective business decision making includes: (ack of reliable data, corruption on the part of personnel’s and incompetent personnel’s. That the importance of forecasting as a tool for decision making in business organization includes: it helps in future prediction of events, for effective marketing strategies and to enhance productivity. The findings have also shown that the ways necessary to enhance effective forecasting planning in an organization includes: acquisition of sufficient data, employment of competent and trained personnels and organize seminar and workshops to sharpen the skills of personnels. The researcher used primary and secondary methods of data collection to gather the needed data. The data obtained through questionnaire were presented in tables and analyzed using simple percentage. The researcher therefore commends that; managers should be competent enough to get hired personnels to encourage adequate forecast planning.

TABLE OF CONTENTS

PAGES

Title Page = =       =       =       =       =       =       =       =       i

Approval Page=   =       =       =       =       =       =       =       ii

Certification=       =       =       =       =       =       =       =       iii

Dedication=          =       =       =       =       =       =       =       =       iv

Acknowledgement=       =       =       =       =       =       =       v

Abstract=   =       =       =       =       =       =       =       =       vi

List of Table=       =       =       =       =       =       =       =       vii-viii

Table of Contents=        =       =       =       =       =       =       ix-xi

CHAPTER ONE

INTRODUCTION

1. Background of the study=         =       =       =       =       =       1-3
   1. Statement of the problem=        =       =       =       =       =       3-4
   1. Objectives of the study=  =       =       =       =       =       4
   1. Research Questions=        =       =       =       =       =       4
   1. Statement of hypotheses=         =       =       =       =       =       5-6
   1. Significance of the study=          =       =       =       =       =       7
   1. Scope of the study=         =       =       =       =       =       =       8
   1. Limitations of the study= =       =       =       =       =       8-9
   1. Organisation of the study=        =       =       =       =       =       9
   1. Definition of terms=      =       =       =       =       =       10

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1               Concept and meaning of forecasting=        =       =       =       11-13

2.2               Types of forecasting=    =       =       =       =       =       13-14

2.2.1  Types of models on statistical approach

to forecasting=     =       =       =       =       =       =       14-15

2.3               Methods of forecasting=          =       =       =       =       =       15-20

2.4               Applications of forecasting model theories =       =       20-21

2.5               Factors for accurate forecasts=         =       =       =       =       21

2.6               Basic for forecasting as a planning tool=   =       =       22-23

2.7               Importance of business forecasting= =       =       =       24

2.8               Problems of forecasting for effective

business planning=        =       =       =       =       =       =       24-26

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY

3.1               Research Design= =       =       =       =       =       =       27

3.2               Population of the study=         =       =       =       =       =       27

3.3               Sample and sampling technique=     =       =       =       28-31

3.4               Instrumentation= =       =       =       =       =       =       31-32

3.5               Plan for data analysis=  =       =       =       =       =       32-34

3.6               Problems of data collection=   =       =       =       =       34-35

CHAPTER FOUR

DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1               Analysis of Research Questions=     =       =       =       36-40

4.2               Test of hypotheses=      =       =       =       =       =       40-55

4.3               Discussion of findings= =       =       =       =       =       56-57

CHAPTER FIVE

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

5.1               Summary of findings=   =       =       =       =       =       58-59

5.2               Conclusions=       =       =       =       =       =       =       59-60

5.3               Recommendation=         =       =       =       =       =       =       60-61

References

Appendix I

Appendix II Chart Analysis

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