Forecasting Case Study Paper Example: Urban Planning

In the forecasting case study, I will dwell on urban planning in New York majoring on the manufacturing industry. The users of forecasts mainly question the data validity and the numerous assumptions present about the future trends rather than the model of forecasting used. However, some parties are more interested in the forecasts as they offer a trend on the future characteristics that may or not affect their activities. In the manufacturing industry, urban planning forecasts aid in the determination of the market and lifestyle trends that are likely to earn firms large sums of revenue. Individuals with knowledge on what forecasting data entails have an upper hand in the determination of the best course of ways or trends to commence with a likelihood of success. Business is all about faith; a business can be successful or a failure. The definitive aspect lies on the power to use forecasts to ones advantage. The modern population has an ever-changing lifestyle based on the income flow individuals receive. The middle-class population is in dire need of goods that have a status attached to them; they want to emulate the high-class lifestyles.

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My approach of forecasting entails using past and current data to forecast the future trends. The rationale as to why the approach is the best model is that it uses all data available to determine the outcomes. When using forecasts, it is ideal to ensure all constraints or limiting factors are in place and well understood. Failure to consider the constraints can affect a manufacturing company negatively. Manufacturing industries employ or hire analysts capable of performing urban planning and forecasting to ensure they stay in business. The analysts work within the planning process and draw attention to the advantages and disadvantages of selecting a given course of direction. The statement affirms the need for forecasts in the manufacturing industries as they ensure prolific businesses. One cannot manufacture a product that the market does not require; the demand and supply of manufactured goods go hand in hand. When the supply is low, the demand rises and when the demand rises, the supply reduces. Industries ought to ensure the supply does not overweigh or under weigh the current and future demands.

New York being one of the major cities in the world requires analysts capable of performing routine forecasts and urban planning to sustain the growing population. In the case study, there is a demonstration of the extent the analysts have to account for the decisions they make about trivial matters when those with interests in the results challenge the accuracy of their findings. Manufacturing industries in New York have a high chance of being successful based on the past data combined with the current data to give an insight to the future trends the population is likely to adapt. In the excel sheet, there is data that is useful to the manufacturing industries in their quest to dominate the market and make large sums of revenue from their manufacturing activities.

Conclusively, forecasts share future trends with interested parties that use the data to their advantage. Manufacturing industries that do not use forecasts have a high chance of failing in their activities and that may amount to massive losses. Adhering to the population needs ensures an industry remains sustainable and prolific guaranteeing a constant flow of revenue. I would recommend expanding in the business and suing all resources available to ensure a steady growth and an increase in revenue. Forecasts call for wisdom when implemented.