publication . Article . 1998

Forecasting for the Small Retail Business: Operational Recommendations

J. Holton Wilson; Robert H. Miller;
Open Access
  • Published: 01 Jan 1998 Journal: American Journal of Business, volume 13, issue 2, pages 27-34
Often small business owners/managers feel they have inadequate time for formal forecasting and/or that they lack the expertise to do so. Since forecasting is an important decision-aiding tool, managers in small retail establishments can benefit by implementing a simple forecasting process. Doing so will enable them to better anticipate the firms future level of sales and lead to more successful operations. We suggest the use of relatively simple quantitative methods that have proven to work well in a wide variety of situations. Exponential smoothing, basic regression methods, and time series decomposition can be employed with relative ease in the context of a sm...
ACM Computing Classification System: ComputingMilieux_GENERAL
free text keywords: Cost effective forecasting, Forecasting, Quantitative methods, Small business, jel:R00, jel:Z0
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