Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case

Frank Alaba Ogedengbe; Esther Ogedengbe; Clement Osigwe Okhakhu; Donald Ozemenbhoya Ewanlen

doi:doi:10.11648/j.ajomis.20180302.12

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Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case

Frank Alaba Ogedengbe, Esther Ogedengbe, Clement Osigwe Okhakhu, Donald Ozemenbhoya Ewanlen

Published in American Journal of Operations Management and Information Systems (Volume 3, Issue 2)

Received: 26 April 2018 Accepted: 15 May 2018 Published: 25 June 2018

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Abstract

This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.

Published in	American Journal of Operations Management and Information Systems (Volume 3, Issue 2)
DOI	10.11648/j.ajomis.20180302.12
Page(s)	46-51
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2018. Published by Science Publishing Group

Keywords

Scientific Business Forecasting, Depressed Economy, Business Decisions, Nigeria

References

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[12]	Mentzer, J. T. & Mark A. M. (2004). Sales Forecasting Management. Sage Publications, Inc.
[13]	Lancaster, G. A. & R. A. Lomas, 1985, Forecasting for sales and material management Macmillan, London 3-3/4
[14]	Henry, P. & Joseph, A. (1987). Callanan. Sales Management and Motivation. Franklin Watts.
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APA Style

Frank Alaba Ogedengbe, Esther Ogedengbe, Clement Osigwe Okhakhu, Donald Ozemenbhoya Ewanlen. (2018). Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. American Journal of Operations Management and Information Systems, 3(2), 46-51. https://doi.org/10.11648/j.ajomis.20180302.12

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ACS Style

Frank Alaba Ogedengbe; Esther Ogedengbe; Clement Osigwe Okhakhu; Donald Ozemenbhoya Ewanlen. Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. Am. J. Oper. Manag. Inf. Syst. 2018, 3(2), 46-51. doi: 10.11648/j.ajomis.20180302.12

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AMA Style

Frank Alaba Ogedengbe, Esther Ogedengbe, Clement Osigwe Okhakhu, Donald Ozemenbhoya Ewanlen. Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. Am J Oper Manag Inf Syst. 2018;3(2):46-51. doi: 10.11648/j.ajomis.20180302.12

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@article{10.11648/j.ajomis.20180302.12,
  author = {Frank Alaba Ogedengbe and Esther Ogedengbe and Clement Osigwe Okhakhu and Donald Ozemenbhoya Ewanlen},
  title = {Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case},
  journal = {American Journal of Operations Management and Information Systems},
  volume = {3},
  number = {2},
  pages = {46-51},
  doi = {10.11648/j.ajomis.20180302.12},
  url = {https://doi.org/10.11648/j.ajomis.20180302.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajomis.20180302.12},
  abstract = {This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.},
 year = {2018}
}

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TY  - JOUR
T1  - Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case
AU  - Frank Alaba Ogedengbe
AU  - Esther Ogedengbe
AU  - Clement Osigwe Okhakhu
AU  - Donald Ozemenbhoya Ewanlen
Y1  - 2018/06/25
PY  - 2018
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DO  - 10.11648/j.ajomis.20180302.12
T2  - American Journal of Operations Management and Information Systems
JF  - American Journal of Operations Management and Information Systems
JO  - American Journal of Operations Management and Information Systems
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EP  - 51
PB  - Science Publishing Group
SN  - 2578-8310
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AB  - This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.
VL  - 3
IS  - 2
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Author Information

Frank Alaba Ogedengbe

Department of Business Administration & Management, School of Business Studies, Auchi Polytechnic, Auchi, Edo State, Nigeria
Esther Ogedengbe

Department of Humanities, School of General Studies Auchi Polytechnic, Auchi Edo State, Nigeria
Clement Osigwe Okhakhu

Department of Business Administration & Management, School of Business Studies, Auchi Polytechnic, Auchi, Edo State, Nigeria
Donald Ozemenbhoya Ewanlen

Departmentt of Marketing and Entrepreneurship, Federal University, Otuoke Bayesla State, Nigeri

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APA Style

Frank Alaba Ogedengbe, Esther Ogedengbe, Clement Osigwe Okhakhu, Donald Ozemenbhoya Ewanlen. (2018). Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. American Journal of Operations Management and Information Systems, 3(2), 46-51. https://doi.org/10.11648/j.ajomis.20180302.12

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ACS Style

Frank Alaba Ogedengbe; Esther Ogedengbe; Clement Osigwe Okhakhu; Donald Ozemenbhoya Ewanlen. Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. Am. J. Oper. Manag. Inf. Syst. 2018, 3(2), 46-51. doi: 10.11648/j.ajomis.20180302.12

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AMA Style

Frank Alaba Ogedengbe, Esther Ogedengbe, Clement Osigwe Okhakhu, Donald Ozemenbhoya Ewanlen. Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case. Am J Oper Manag Inf Syst. 2018;3(2):46-51. doi: 10.11648/j.ajomis.20180302.12

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@article{10.11648/j.ajomis.20180302.12,
  author = {Frank Alaba Ogedengbe and Esther Ogedengbe and Clement Osigwe Okhakhu and Donald Ozemenbhoya Ewanlen},
  title = {Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case},
  journal = {American Journal of Operations Management and Information Systems},
  volume = {3},
  number = {2},
  pages = {46-51},
  doi = {10.11648/j.ajomis.20180302.12},
  url = {https://doi.org/10.11648/j.ajomis.20180302.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajomis.20180302.12},
  abstract = {This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.},
 year = {2018}
}

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TY  - JOUR
T1  - Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case
AU  - Frank Alaba Ogedengbe
AU  - Esther Ogedengbe
AU  - Clement Osigwe Okhakhu
AU  - Donald Ozemenbhoya Ewanlen
Y1  - 2018/06/25
PY  - 2018
N1  - https://doi.org/10.11648/j.ajomis.20180302.12
DO  - 10.11648/j.ajomis.20180302.12
T2  - American Journal of Operations Management and Information Systems
JF  - American Journal of Operations Management and Information Systems
JO  - American Journal of Operations Management and Information Systems
SP  - 46
EP  - 51
PB  - Science Publishing Group
SN  - 2578-8310
UR  - https://doi.org/10.11648/j.ajomis.20180302.12
AB  - This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.
VL  - 3
IS  - 2
ER  -

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