The business forecasting process: a comparison of differences between small and large Canadian manufacturing and service firms

Abstract

Forecasting is one business practice that is especially important for business enterprises because good forecasting techniques can lead to better business plans. In this paper, a comparison of differences between large and small Canadian manufacturing and service firms is conducted to examine if differences in forecasting techniques exist between these firms. The results show that enough of a difference exists of large firms over small firms, and also of service firms over manufacturing firms, that subsidising forecasts with quantitative techniques suggests improved performance. This study supports a managerial strategy encouraging managers to consider applying additional resources to forecasting efforts.