Chapter 5- Response to how investing more resources in forecasting could help the company compete b

Response to how investing more resources in forecasting could help the company compete better.

Forecasting and planning are principle roles of any business since it provides an insight into the future of the organization regarding assets, brand demand as well as the availability of labor? Therefore, endowing vast resources in forecasting will enable the organization in predicting the future of the firm based on past and data. Besides, forecasting will allow the firm estimate as well as estimate the level of the internal market who and the amount of workforce that will be required in future. Also, forecasting will enable the company makes important decisions regarding the future.

What would happen if a firm does not engage in staffing?

Staffing is an essential task for any organization. Failure to do staffing will result in the company’s inability to execute its business strategy. The firm will lack the power to undertake its mandate as well as achieving its objectives. Additionally, failure to do recruitment will result in failure of the future training programmers as well as reduced performance management.