04 Aug Market concentration increases the demand for the particular product which in turn catapults price levels.

Market concentration increases the demand for the particular product which in turn catapults price levels. There is a relation between the competition of both consumers and suppliers and another economic variable. Lack of Competition for raw materials from producers, decreases the demand for the materials by suppliers thus decreasing the prices, which will reduce the cost of production which in return lowers the equilibrium prices. Lack of competition leaves resources not fully utilized which in turn reduces inflation rates. The competition encourages the productivity and international competitiveness of the business sector and promotes dynamic markets and economic growth. The economic variables include population, poverty rate, inflation, etc., There always exists a positive relationship between the lack of competition and economic variables because when an economy lacks competition then it would neglect all the technological developments and cost reduction efforts taken by the economy which in turn stands as a tool of measurement for the performance of the economy. The market concentration does not prove to be good all the time there may be some situations where it can be projected to have a negative impact.

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Forecasting is an important part of the business that I manage. I work in healthcare as a Home Health and Hospice Director of Operations and part of my position is forecasting not only for our annual budget, but also weekly and monthly. Forecasting helps organizations operate efficiently. If your goals as an organization is to increase revenue by 10 percent, then you need to plan accordingly on how that will happen. You will need to have a strategic marketing plan to obtain the revenue to allow you to grow and need to consider human capital. You will likely need to have a solid recruiting plan. In my industry, I also forecast for illness, PTO, etc. because in my industry without our clinical team we will be unable to drive our patient census to accomplish our revenue goals. One area that has helped me tremendously is focusing on improving our culture and team mentality within the business that I manage. Without the great retention rate that I have it would be challenging for me to hit goals that I have forecasted. I am a true believer that if you take good care of the clinical team you manage, they will take care of the patients and the business. Contemplating all the information over time will recognized an arrangement pattern (Anderson et al., 2016). Strategic forecasting helps make the activities of the company susceptible to market variables. Organizations are able to decide whether to allocate extra funds or change their approaches to reflect the new ideas by using forecasting.

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As mentioned in Anderson et al., (2016), error measures are used to determine how well a particular forecasting method is able to reproduce the time series data that is already available. By selecting the method that is most accurate for the data already known, the likelihood for accurate forecasts increases. The key concept associated with measuring forecast accuracy is forecast error. Error measures can help to optimize moving averages by arriving at the average level of accuracy from the previous forecasts in order to more accurately predict future ones. The same applies to WMAs, except that a weighting is assigned for a certain timeframe, and not for the entire timeframe in question. Error measures can also increase the accuracy of exponential smoothing by allowing for a more accurate time series value that can be applied to its most recent observation.

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