Sales Forecasting in Real World Markets

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Sales Forecasting in Real World Markets

By: Peter Boulton

Virtually every manufacturing or service company needs to generate forecasts of their short to medium term sales. Being able to forecast demand more accurately has major commercial advantages, whether the forecast is used:

  • to plan purchasing, production and inventory,
  • as the basis of marketing or sales planning,
  • or for financial planning and reporting or budgeting.

Yet within real world markets, many factors conspire to make accurate forecasting difficult to achieve.

In the first place, sales forecasts are frequently used for all the purposes suggested above. This leads to conflicts between optimism and pessimism and potentially introduces 'political' influences into the process. Examples are the different role of the profit forecast (probably conservative) and the sales plan (probably optimistic), or where marketing expenditure is closely associated with the turnover of brands (and therefore leads to defensive forecasting to protect planned marketing spends). There are also conflicts in terms of which units should be forecasted - orders-based for production forecasting and invoice-based for financial forecasting.

Similarly, forecasts by week by sku (stock keeping unit) for the next 12 weeks may be required by production planning. But, this time horizon is far too short and this level of detail is potentially much too great for marketing and sales planning purposes.

The important point is to have a clear vision of who the primary Customer or Customers of the forecasts are. Select the appropriate level of detail and time horizon accordingly and accept that secondary customers will probably have to accept sub-optimal forecasts. In many situations it is helpful for both Marketing and Sales to generate sales forecasts. Sales are often more likely to possess the detailed short term knowledge whilst Marketing need to 'own' the forecasts as a result of their role as brand profit 'custodians', and possibly have a clearer knowledge of longer term influences. It is vital here that each area is clear about the role and purpose of the forecasts they produce, and that issuance schedules optimise the currency of the data used as inputs, and given as outputs, by each forecaster.

The second major difficulty of forecasting in real world markets is the very nature of these markets. They frequently exhibit some or all of the following characteristics:

  • Frequent promotional activity
  • High level and variety of competitor activity
  • Promotions are seldom at the same time each year
  • The size of the distribution 'pipeline' tends to vary
  • Growing concentration in sales to biggest customers
  • Fluctuating positioning at point of sale - between 'value' (i.e. low prices) and 'added value' (i.e. quality)

In essence, the dominant characteristic of real world markets is probably "NEVER THE SAME THING TWICE".

This makes it hard for traditional forecasting approaches such as statistical methods to provide acceptable results over a short to medium time horizon.

CHOOSING THE RIGHT FORECASTING METHODOLOGY

All statistical methods either even out the peaks and troughs in sales history to produce trend-based forecasts, or else they look for repeated patterns in the historical peaks and troughs to make future forecasts.

However, if the peaks and troughs in the sales of real-world products are caused by what are often 'random' events, such as promotions or competitor activity, how can statistical methods help you forecast? On the one hand, a smoothed forecast has little value if the primary purpose for forecasting is to predict the short term sales peaks and troughs. On the other hand, how valid is the second approach given the random nature of historical peaks and troughs?

If you cannot use statistics, what can you use? In the majority of situations, informed judgment (or 'finger to the wind' as cynics might describe it) is actually more likely to produce better results within real-world markets.

The essence of judgmental forecasting is the application of the business manager's knowledge and interpretation of past events and activities, and their effects on sales, to planned future events and activities. The result is a 'judgmental' forecast for the future sales periods.

The key factors to consider are fairly well known:

  • Trade promotions
  • Launch / relaunch activity
  • Promotions / special packs
  • Historical out of stocks
  • Distribution changes
  • Seasonality (if relevant)
  • Competitor activity
  • Advertising effect
  • Market trends

Although there is never the same thing twice, developing and using an understanding of how sales respond to different types and combinations of events is the most effective way of generating a forecast. It has spin-off benefits too, because it forces marketing and sales people to think long and hard, and hopefully objectively, about which factors really drive their sales.

The method most likely to succeed is forecasting from the 'bottom up', and reviewing from the 'top down'. This means generating the forecasts at the lowest (relevant) level of detail using the process described above : the 'bottom up' method. One then compares how the resulting forecasted year on year growth rates and Moving Annual Totals compare to expectation, historical or current growth rates and Moving Annual Totals. If the 'bottom up' results are out of line with the 'top down', then the 'bottom up' forecasts need to be revisited to identify the sources of the difference.

This process must continue until the 'top down' and 'bottom up' forecasts are consistent.

CHOOSING THE RIGHT SYSTEM

The forecasting methodology recommended in this article places a lot of emphasis on the knowledge and judgment of the forecaster. This is unavoidable given the nature of the market, but it follows that developing a good forecast is a labour-intensive process.

Computer systems can help here, by providing the forecasters with a productive and flexible environment in which to analyse and manipulate numbers. A lot of companies use spreadsheet based systems. Some use systems that have been developed to run via terminal emulation on their corporate midrange or mainframe machines. Finally, some use the an option from their ERP (Enterprise Resource Planning) system.

None of these approaches are ideal.

Spreadsheet based systems are generally difficult to maintain, in terms of adding new products or customers, updating actuals or rolling forward years. They also tend to show the data in fixed views due to the fixed rows and columns structure of spreadsheet programs. Some analytical capability can be introduced by building clever spreadsheet macros, or by users reformatting data in different ways within their spreadsheets, but this approach tends to be clumsy and labour intensive. In addition, aggregation of data across products and customers tends to require considerable manual processing.

In addition, spreadsheets are essentially single-user productivity aids, whereas forecasting is normally a multi-user activity. Delays and inaccuracies get introduced through the need for consolidation of spreadsheets. One change can require the whole, cumbersome process to be repeated.

Terminal / browser-based based midrange or mainframe systems and ERP options overcome the maintenance problems but tend to be inflexible, and do not provide the variety of instant graphical views that a PC based system makes possible. In addition, such systems can sometimes have performance problems - where transaction processing systems and decision support systems operate on the same host, transaction processing systems necessarily get preference in receiving processor time. In addition, it is hard to give these systems the degree of user-friendliness which sales and marketing users generally prefer.

Therefore, whilst these traditional approaches offer elements of the ideal approach, one really needs a system which combines the ease of maintenance and robustness of the mainframe / ERP approach with the speed, flexibility, graphics and user friendliness of the PC.

Nowadays, PC based systems which meet this need are available. Here is a checklist of features to look out for:

  • Can you customise the system for your market and needs - in terms of facts, periods, product and customer levels etc.?
  • Does the system give you the ability to input forecasts at different levels of product or customer detail and have the changes recalculated 'up' and 'down' the product and customer hierarchies?
  • Does the system allow you to capture qualitative information too?
  • What caused the historical peaks and troughs? What was the forecaster's rationale for this forecast?
  • Does the system allow you to store and analyse different sets of forecasts through the year?
  • Does the system give you forecasting accuracy analysis?
  • How flexible is the reporting and analytical engine offered by the system? Can you store and replay favoured views of the data?
  • How flexible and helpful are the graphs included?
  • Can the system run in a true networked environment, or support remote forecasters?
  • How user friendly is the system? How much on line help is available?
  • Does the system have any options which analyse forecasts and warn forecasters of risks identified versus previous sales history?
  • Check data interchange with your corporate systems – how easy is it to keep the system up to date with latest sales actuals and send the forecasts back to the corporate systems?
  • Can the system take you beyond volume based forecasting to overall customer account planning, profitability, budgeting? Maybe you can combine and integrate the processes of forecasting, budgeting and medium term planning within a single process / business application?

If you do not already have an information analysis tool for users to ‘slice and dice’ through sales to pick up trends etc., expect some of this functionality from your forecasting and planning system!

-Would you like your forecasting system to work over the web? Is ‘forecasting over the web’ an option with your software? What about securely exposing segments of your forecasts to your suppliers over the internet? If not now, maybe you will need this in the future.

Conclusion

Forecasting in the real-world is a difficult process which does not lend itself to automated statistical approaches. The so called 'finger in the wind' / ‘judgemental forecasting’ method, if carefully implemented and with appropriate systems support, can yield quality improvements in forecasting results.

You need a good system, forecasters who really understand their markets, and above all, the strongly held determination to put it into practice.

About The Author

Peter Boulton is the Managing Director of Data Perceptions, the developer of Prophecy, an easy to use collaborative sales forecasting software solution for real world business users.

Visit http://www.DataPerceptions.co.uk to learn more about sales forecasting in business and how Prophecy addresses the complex issues involved.

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Comments

smither777 20.08.2007. 11:00

How can I forecast sales, profits and market shares for a totally new product, given no historical data, etc? I need to forecast these figures but I have no initial data for any mathematical process, do I end up having to make a guess-estimate instead?

smither777

Admin 20.08.2007. 11:00

No silver bullet here!

First, do you clearly know the size of the current market? (your prospective customer is solving the problem for which your product provides a solution in some way now - they may throw a lot of people at the problem; they may have developed internal processes; or they may buy an existing solution.

Second, understand the switching costs - to move from a current product to a new technology. Will you gain share from current market? Will you expand the market by adding new customers?

What does Gartner Group, or the like, say about the market, what they need, how they are currently consuming products to meet needs? What are their predictions for market growth? Assume a very conservative share of that growth using new to the world technology.

What has your beta testing revealed about customer acceptance? Switching cost? Understanding value? Another reason for beta testing a new technology is that you gain an understanding of clutter (both real and imagined) that must be overcome and the amount of effort it will take to penetrate the market with a new value proposition.

Geoffrey Moore's technology adoption curve could help you understand the process of new adoption.

Admin

bca_grandrapids 06.11.2007. 05:25

What is an example of a strategic partnership? I need to write a report on strategic partnerships for an entrepreneurship class. I don't need the definition, just some good real examples to use. Thanks.

bca_grandrapids

Admin 06.11.2007. 05:25

Many different types of strategic partnerships exist. An organization might form a partnership with its customers, suppliers, or competitors. It might form a partnership with an organization in its own country or at the opposite end of the world. The partnership can be wholly owned by one partner (a contractual agreement) or jointly owned by multiple partners (a joint venture).

In a contractual agreement such as a licensing agreement, franchising agreement, distribution agreement, or technical assistance agreement participants contribute resources to a shared activity, but do not share in the ownership or profits of that activity. For example, U.S.-based Sun Microsystems has licensed its most powerful microprocessor designs to the Dutch electronics giant N.V. Philips, hoping that its chips will be used in new designs of consumer electronics products such as televisions.

A joint venture, on the other hand, is a separate entity that the partners jointly own (through shared equity) and manage. The partners share in the joint ventures profits, risks, and decision making. One partner may be dominant, or the partners may hold equal ownership. However, each partner has only partial ownership and control. For example, Texas Instruments and Hitachi on the one hand, and IBM and Siemens on the other, formed joint ventures to develop and manufacture complex microcomputer chips.

Responsibilities are divided between the players in a strategic partnership. For example, when Quadra Logic Technologies, a small Vancouver-based biotechnology firm, teamed up with pharmaceutical giant American Cyanamid Company, the latter obtained exclusive worldwide marketing and distribution rights to some of Quadra Logics products. Quadra Logic shared sales revenue from these products and received up to $8 million (U.S.) in staged payments for product development. American Cyanamid paid marketing and distribution costs, Quadra Logic paid manufacturing costs, and the partners shared product development costs equally.

Besides the partnership between Quadra Logic and American Cyanamid, several strategic partnerships have been formed in Canada, including the following:

· Delrina Technology, a Toronto-based software products firm, needed capital for expansion, but banks were reluctant to lend the company any money because of the intangible nature of its software. Because IBM already sold Delrina products to its customers through a marketing partnership, it was in IBMs interest for Delrina to continue to innovate. To give Delrina the necessary capital, IBM acquired 11% of the company for $1.9 million. This capital infusion allowed PerForm, Delrinas software for designing business forms on personal computers, to capture a 70% market share (Lorinc 1991).

· Grand & Toy entered into formal partnerships with selected suppliers in order to decrease supply costs (Mason 1993). Its agreement with Acco, a Toronto-based office supplies company, allows Grand & Toy to reduce inventory levels while Acco guarantees delivery. The two companies share data and a forecasting system, which reduces handling costs.

· High-technology firms, such as Northern Telecom and Hewlett-Packard, are subcontracting out more of their plastics manufacturing instead of doing it in-house (Turriff 1993). Indeed, Hewlett-Packard has closed two of its three North American molding facilities in order to subcontract to world-class molders. The company selects subcontractors based on such criteria as quality programs, tolerance requirements, turnaround time, lead time, and cost competitiveness. Sub-contractors benefit in turn from closer relationships with their customers.

Admin

Jones 04.02.2013. 17:56

How do I find a job when you have no marketable skills that people care about? I have Marketing BS degree and I have taken Photoshop courses and I teach myself code, but I do not have the confidence to compete with all of the experts out there because I ma still learning and I would hate to take on new clients and disappoint them and get terminated. I do not like sales but I do enjoy working ina nd around computers, but I am not as smart as I might think. When you look at my resume it is guppy with most of my background working in and around the warehouse(which doesn't pay and I do not enjoy it). I want to change direction, but I cannot seem to get the ball rolling. It seems like the world has forgotten about me, and I just woke up from a three year long coma. How can I get salaried doing what I like to do. There is just too much competition out there I cannot get noticed by the companies that matter. I would like to go into business myself, but every time I try it seems like some scummier wants to jerk me out of money I don't have. I even volunteered down at the American Red Cross and the Humane Society and that is even competitive for volunteer opportunities. What has this world come to when a man cannot be productive anymore. I can't wait til Obama is out of office and we get a real leader in office again. I am suffering here.

Jones

Admin 04.02.2013. 17:56

A degree in marketing can land you a good job. As you are interested in technology side also, learning Salesforce will get you a job as a sales analyst. You wont be doing sales here, you will just do sales forecasting and analysis. This could also get you into marketing analytics.

You can also learn SAP which is a resource planning software and is a must for management level jobs.

Digital marketing is also a very young, promising field you can enter into. There are courses to learn SEO, paid advertising, social media marketing. These jobs pay well as the digital marketing is the latest industrial trend.

You can just go to job sites like linkedin.com and indeed.com and find plenty of internships and entry level jobs to get you started.

With a marketing degree, you can enter almost any field. You can even work as a copywriter, PR, business development executive.

Good luck. To compensate for your lack of experience, learn a technology like SAP or salesforce that's being used now, do an internship and you are set. You have done marketing, so now market yourself :)

Admin

Jonathan C 09.06.2010. 15:40

How statistics are used in business areas (accounting, finance, management and marketing? For basic knowledge, such as an intro course to statistics.

Jonathan C

Admin 09.06.2010. 15:40

I've been a developer for decades and I use statistics frequently in my work. Statistics clearly has real world applications in all of the subjects you list.

Accounting - Random sampling is frequently used by accounting firms when accounts (like travel expenses) are relatively small and inconsequential. You can use a random sample to estimate the quality of the whole population of accounts.

Finance - Trend analysis and correlation are common when making economic forecasts.

Management - Sampling of opinion polls and data pertaining to personnel. These are often summarized with estimates of errors.

Marketing - Customer surveys, correlations between advertising outlays and increased revenues. Estimates of market sizes uses sampling. Product quality is also a rich field for statistical analysis.

Any time you want a quick answer, you can get a good estimate by using statistical sampling. For example, a stratified random sample of accounts can be used instead of an exact calculation when you have paper sales orders (or pending sales orders) that are not entered into the computer. Make sure to count all the big ones, and you can estimate the small ones.

Admin

micahalp 11.04.2008. 05:33

How do you help non-californian parents understand the realities of the bay area real estate market? Array

micahalp

Admin 11.04.2008. 05:33

Yes, the prices of homes in the SF Bay Area is far higher than the rest of the country. According to the National Association of Realtors the average sale price of a home in the Bay Area in Jan 2008 was $750,000 vs. the national average of $219,000 (3.4X higher).

However assuming you've decided to live in the Bay Area, one way you can help decide if you should buy or not is to look at the cost/benefit analysis. This includes:
- Rate of increase in cost to rent
- Rate of increase in cost to buy
- Property Taxes in your county
- Cost of capital (mortgage rates available to you)
- Tax benefits of owning a home (writing off mortgage interest)
- Any incentives currently available (e.g. in 2008 the jumbo loan size is now $740k)

Using this you can forecast the "break-even" point for buying (vs. renting). Assuming that you want to say in the area that long, then it makes sense to buy. The NY Times has a great calculator for this which makes the process easy.

Finally, I would explain to your parents that there is limited land along the coast of America. With population continuing to increase, this land will continue to be in demand. Also the SF Bay Area is America's gateway to Asia and the Technology world--if you're a part of either than its a great place to be.

Good luck!

Admin

j3nny 19.03.2010. 15:44

can anyone tell me briefly about singapore's economy and employment rate? i had heard that singapore's economy is dropping,is there any possibility that it'll get better in the near future?or is going to b a long lasting situation?

j3nny

Admin 19.03.2010. 15:44

ECONOMY

Singapore's strategic location on major sea lanes and its industrious population have given the country an economic importance in Southeast Asia disproportionate to its small size. Upon independence in 1965, Singapore was faced with a lack of physical resources and a small domestic market. In response, the Singapore Government adopted a pro-business, pro-foreign investment, export-oriented economic policy framework, combined with state-directed investments in strategic government-owned corporations. Singapore's economic strategy proved a success, producing real growth that averaged 8.0% from 1960 to 1999. The economy picked up after the 1997 regional financial crisis, with a growth rate of 9.4% for 2000, but then fell back in tandem with the economic slowdown in the United States, Japan, and the European Union (EU), as well as the worldwide electronics slump, so that GDP shrank by 2.4% in 2001. The economy rebounded in 2002, expanding 4.0%; but it posted a slower 2.9% growth in 2003, due to the effect of severe acute respiratory syndrome (SARS) in the first half of the year. From 2004 to 2007, the economy expanded by 9.0%, 7.3%, 8.2%, and 7.7%, respectively, driven by the growth in world demand for electronics, pharmaceuticals, other manufactured goods and financial services, and in the economies of its major trading partners--the United States, European Union, Japan, and China, as well as expanding emerging markets such as India. The global financial crisis dealt a blow to Singapore's open, trade-oriented economy in 2008, sending its 2008 fourth-quarter growth to an annualized rate of -16.4%. Growth for 2008 was a low 1.1% compared to the last four years. The official growth forecast for 2009 is between -4.0% and -6.0%, marking what would be the worst year of performance since Singapore?s independence in 1965.

Manufacturing and services are the twin engines of the Singapore economy and accounted for 24.6% and 65.6%, respectively, of Singapore's gross domestic product in 2008. The electronics and chemicals industries lead Singapore's manufacturing sector, accounting for 27.6% and 37.8%, respectively, of Singapore's manufacturing output in 2008. To inject new life to the tourism sector, the government in April 2005 approved the development of two casinos that should result in investments of more than U.S. $5 billion. Las Vegas Sands' Marina Bay Sands Resort is scheduled to be completed in late 2009, while Genting International's Resort World is scheduled to open by 2010.


Trade, Investment, and Aid
Singapore's total trade in 2008 amounted to $656 billion, an increase of 9.6% from 2007. In 2008, Singapore's imports totaled $319 billion, and exports totaled $337 billion. Malaysia was Singapore's main import source country, as well as its largest export market, absorbing 12.1% of Singapore's exports, followed by Indonesia (10.6%), Hong Kong (10.4%), the EU (10.2%), China (9.2%), and the United States (7.0%). Singapore was the 16th-largest trading partner of the United States in 2008. Re-exports accounted for 48.1% of Singapore's total sales to other countries in 2008. Singapore's principal exports are petroleum products, food and beverages, chemicals, pharmaceuticals, electronic components, telecommunication apparatus, and transport equipment. Singapore's main imports are aircraft, crude oil and petroleum products, electronic components, consumer electronics, industrial machinery and equipment, motor vehicles, chemicals, food and beverages, electricity generators, and iron and steel.


Labor
As of mid-2009, Singapore had a total labor force of about 2.94 million. The National Trades Union Congress (NTUC), the sole trade union federation, comprises almost 99% of total organized labor. Extensive legislation co

Admin

Galien 14.06.2011. 02:43

what does a day in a life of a financial analyst look like ? I am having a essay on my career path, and I would like to get to know someone who is or was financial analyst to describe me one of his/her day at work. What does a financial analyst do daily. Please describe your duties and give me as much as details which could help me to visualize the whole day. Please reply to me as soon as you could. Thank you very much !

Gabriel

Galien

Admin 14.06.2011. 02:43

Financial analysis is one of the broadest job titles in business. It encompasses people who do glorified bookkeeping, and a person with a freshly minted PhD in Economics working for Goldman Sachs. A FA working for an equity investing firm will have a much different job than an FA consultant working for IBM. The core of what financial analysts do is that you study and try to determine how economic activity changes over time. A good FA knows finance, understands economics and statistics, is gifted with analysis (higher math), and can write solid database programs. Overall, Financial Analysis requires strong innate intuition, gut feeling, and an ability to figure out how to use math and logic to prove your intuition right or wrong.

I?m a FA manager, before that I spent 15 years doing the work. So here are a few things I?d do during a typical day: Use Excel, lots and lots of Excel. Then write SQL code, determine key performance indicators (KPIs), work with marketing on their unit sales forecast.

Then I?d call IT and find out how they build certain data, call accounting and find out how they change the data IT built, explain to a manager how the data he sees in his accounting report is different from what his sales guy told him because both IT and Accounting changed the data. Go back to my desk and assign an FA to work with the manager to build a report that takes the accounting report and un-does all the changes IT and Accounting make.

After that?s done, there is producing monthly reports (or in my case) cracking open reports my people do and finding what?s wrong. Look at econometric data and see how it correlates with your KPI?s, and reading the news. You do all this while dodging from meeting to meeting.

Then it?s lunchtime.

Most of what a FA does these days is move data. Most of what the schools teach is still rooted in 1970?s core models like CAPM and Black Scholes. Probably the biggest difference from university to real world is the amount of computer coding and database architecture a good FA needs to know.

Admin

charlotte q 02.07.2008. 01:33

Is Chinas economy overheating and will it pull back? Will its demand for oil lessen?

charlotte q

Admin 02.07.2008. 01:33

I donīt believe so. According China?s 11th five-year plan (2005-2010,) We can find in recent years, Chinas logistics market is opening up to the outside world. Ok.

The note tell us:
" Logistics enterprises are reorganizing and integrating in the competitive environment. It is more and more obvious that state owned, private owned and foreign fund enterprises are surviving and thriving in the competitive markets."

So, is important to know, that according to the commitments of Chinese Government when entering WTO, China would open up the market of logistics industry since December 11, 2005.

Is a fact that China economy has found, the basis of multiple niches. The commerce in all it aspects, is a strategic point, to an incredibile future.

Continue with the explanation, 2006 is the first year of Chinas 11th Five-Year Plan, and is also the first year when logistics are opened up completely.

The following note is clear:
" Chinas economic development strategies are becoming explicit, and related policies are carrying out gradually. These will have profound influence on the logistics industry. "

So, this another element would reforce the criteria, that we want to expose.

"Integrated with traffic and transportation, storage and delivery, the logistics industry realizes low cost and high benefit in enterprises and society. "

The projection details that Chinas logistics industry will keep an annual growth of 20%. From the year of 2006 to 2010, the basic frame and main functions of Chinas southern international logistics center will come into being.

Is important to know:
" China has been undergoing a process of industrialization and is one of the fastest growing economies in the world. With real gross domestic product growing at a rate of 8-10% a year, China's need for energy is projected to increase by 150 percent by 2020. to sustain its growth China requires increasing amounts of oil. Its oil consumption grows by 7.5% per year, seven times faster than the U.S.' "

Oil Industry:

China?s oil reserves are small in relation to its consumption.

With China's expectation of growing future dependence on oil imports, the country has been acquiring interests in exploration and production abroad, actually is a fact to accept that China Economy does not pull back.

This statement is clear when says:
"By 2010, China will become an information society, raising the breadth and the depth of using information resources and the development in information services will accelerate and meet the demand from the public. The information industry will be the most important industry in the national economy, achieving a large scale and technologically advanced national information infrastructure."

These issues are a complement of the main idea, about the correct and future identification of why this country does not have and will have, an economy overheated:

"China Total Auto Quantity and Its Growth Rate, 2001-2007 (unit: 10,000)
Trend of Domestic Oil Products, 2000-2007
Trend of International Oil Price in 2007
Proportion of China Gas Stations with Different Ownership in 2007
Auto Sales and Its Growth Rate Nationwide, 1995-2009
Proportions of OECD & China to Global Newly Added Crude Oil Demand
Trend Chart of International Oil Futures Prices, 1978-2007
Forecast of World Oil Supply and Demand, 2003-2012
Comparison of China Oil Output and Consumption, 1990-2006
Forecast of Sinopec Sales Structure, 2000-2010
China Auto Output and Sales in 2007
Quantity of China Key Auto Brands (unit: 10,000)
Monthly Production of Oil Products in 2007
Monthly Import & Export of Oil Products in 2007
Key Oil Products Resources, 2005-2007
Changes of China Reliance on Oil Import, 2005-2007
Changes of Average Prices of China Oil Imports, 2005-2007
Worldwide Oil Supply and Demand, 2003-2009
China Gas Station Quantities and Their Market Shares, 2000-2007
Volume of Retail Sales of Domestic Gasoline & Diesel and Their Shares, 2000-2007
Gas Station Quantity in Shanghai
Newly-added Quantity and Distribution of Gas Stations in Shandong Province, 2007-2015
Geographical Distribution of Gas Stations in Hebei Province
Density and Service Radius of Gas Stations in Hebei Province
Distribution Density of Highway Gas Stations in Hebei Province
Ownership of Gas Stations in Hebei Province
Plan for Gas Station Development in Hebei Province, 2005-2010"

In the point of Clean and Renewable Energy, is very neccessary knows, that China economy and society evolution, more or less, has similar characteristics of the european strategy and their criteria in this aspect.

See this note:
"China?s rapid economic growth has been accompanied by widespread pollution and environmental degradation. This, combined with limited energy resources and inefficient use of energy, has caused the central government to make clean technologies and energy efficiency a strategic priority starting in 2005. In the 11th Five-Year Plan (2005-2010), the government has set targets of reducing energy intensity per unit of GDP by 20% and reducing emissions for major pollutants (e.g. carbon dioxide and sulphur dioxides) by 10%. To achieve these goals, the government is continuously drafting and implementing laws in all energy sectors.

So, it is not responsible ensuring that China can be an overheating economy or an exaggerated consumer of petroleum products, but is ignored, its periodic strategic plans for the coming years, this great Asian country, has a lot industries, a powerful agriculture, riches natural resources, etc, that may develop, regulate and monitor. All these aspects, help a lot it to reforce this amazing economy.

See these links:
http://www.trp.hku.hk/infofile/china/2002/10-5-yr-plan.pdf
http://en.chinabgao.com/report/reports/200805/31/222.html
http://www.eia.doe.gov/emeu/cabs/China/Full.html
http://www.buyusa.gov/china/en/clean_energy.html
http://www.researchandmarkets.com/reports/357283/china_logistics_industry_report_2006_2010.htm

Admin

westlife 09.04.2009. 14:25

does anyone knows about buisness maths and its ways ? as i have no exact idea, please help me out guys?

westlife

Admin 09.04.2009. 14:25

Business mathematics is mathematics used by commercial enterprises to record and manage business operations. Mathematics typically used in commerce includes elementary arithmetic, such as fractions, decimals, and percentages, elementary algebra, statistics and probability. Business management can be made more effective in some cases by use of more advanced mathematics such as calculus, matrix algebra and linear programming.

Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis.

In academia, "Business Mathematics" includes mathematics courses taken at an undergraduate level by business students. These courses are slightly less difficult and do not always go into the same depth as other mathematics courses for people majoring in mathematics or science fields. The two most common math courses taken in this form are Business Calculus and Business Statistics. Examples used for problems in these courses are usually real-life problems from the business world.

An example of the differences in coursework from a business mathematics course and a regular mathematics course would be calculus. In a regular calculus course, students would study trigonometric functions. Business calculus would not study trigonometric functions because it would be time-consuming and useless to most business students, except perhaps economics majors. Economics majors who plan to continue economics in graduate school are strongly encouraged to take regular calculus instead of business calculus, as well as linear algebra and other advanced math courses, especially real analysis.

Other subjects typically covered in a business mathematics curriculum include:
Matrix algebra
Linear programming
Probability theory
hsj

Admin

ellie_2121 14.11.2007. 18:08

what kind of jobs are there with an economics degree? how is the job market?

ellie_2121

Admin 14.11.2007. 18:08

An economics degree signals that you are probably intelligent and analytical (no joke!).

That said, there are not a lot of jobs that specifically call for a bachelors in Economics, but the major is good for a lot of jobs in the business world that do not specifically demand degrees in finance, accounting, or engineering. Any position in marketing communications or financial sales (financial adviser, stock broker, private banker, insurance agent), assuming you have the personality for those things.

A real good fit is to be a market research analyst (writing research reports with forecasts about various industries). And there are various miscellaneous "analyst" jobs available that fit, such as risk analyst.

And the job market is very promising in general (surely you know that if you're an economics major), but again, if you want the comfort of finding a lot of job openings that specifically call for your major, it's better to go with finance or accounting or engineering or computer programming.

Admin

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