Business Forecasting and Sony Corporation

Paper Summary:

This paper explains that one of the most important components of any successful business is the ability to make effective decisions regarding the future; this allows the business to anticipate sale,s thus gearing their business components toward these changing sales figures. The author points out that one of the most important assumptions of business forecasters is that the past acts as an important guide for the future, but this presents a problem in times of uncertainty. The paper states that both the Delphi technique and time series forecasting are valuable forecasting tools in the right circumstances. The Delphi technique is useful for short term forecasts; therefore, it is often a more valuable tool for business forecasting during conditions of uncertainty.

From the Paper:

"Sony Corporation, along with many other large and small businesses, uses business forecasting techniques to predict future sales. The Sony Corporation of America is the American subsidiary of Tokyo's Sony Corporation. The company manufactures information technology, audio, video and communication products for both professionals and consumers. The company had over $62.3 billion in consolidated annual sales for the fiscal year ended March 31, 2003, with $20 billion in sales in the United States (Sony Corporation of America). Given these impressive sales figures, business forecasting plays an important role in Sony's corporate strategy."

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