Forecasting refers to the utilization of educated guesses from a quantitative or qualitative approach. When done through a quantitative approach, mathematical answers are used to help get the outcomes required. Qualitative forecasting involves collecting information from people by getting people's opinions, which can be based on their judgments of a particular situation or their past experiences with the situation ( Armstrong, 2001) . For the State University, the quantitative approach is more favorable because of the large numbers that the University deals with during enrollment of college students with limited or no funding from the legislature. The forecasting will help the management team in making planning decisions.
The adoption of forecasting in the State University is essential, especially since the University has become expensive due to the reduced funding and raised tuition fees. The adoption of forecasting can solve this problem since the management can evaluate how to spread out the money they have according to the enrolled number of students. Forecasting will help the management team know how to handle the professors and their salaries since the funding is supposed to cater to the teaching staff. Several forecasting models can be used. Graphical forecasting methods are one of the methods that can be used in solving this situation. The graphical method can estimate the number of students to be enrolled and hence help with the funding the University is getting for the tuition. It can also be used to show a trend in the various sections of the University and act as a visual prop for the management team. Since the number of students coming to the State University is becoming more extensive in the coming decade, the time-series forecasting method can also be adopted. The Time-series forecasting model is effective, especially when the demand pattern experienced in the past is likely to recur in the coming years ( Hiray, 2008) . Therefore, the time-series method is adopted because of the consistency in the data that the University has reported on the increase and decrease in the funding by the legislature and the students coming to the University.
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Incorporating a total quality management (TQM) approach can also be helpful in forecasting models. With the TQM, the customers' needs are always placed as a priority in all the undertakings of the institution. In this case, the customers are the students coming to the University. The TQM will help forecast what improvements would be rendered as quality by the customers ( Berman, 2017 ). Therefore, the University will make this their crucial goal to ensure their customers that the students are satisfied with their services. The quality of the school would also be explained. For this to be accurate and effective, a lot of information would be required. Some of the information needed is understanding what is essential to the learners and their guardians. They would be okay with using their own money in coming or sending their children to the state university. The TQM approach also needs strategic planning on the business sector to review how it is projected to be in the coming future ( Berman, 2017 ). Organizations, businesses, and institutions are supposed to decide as early as possible on the products and services to deal with and the markets to engage in. This calls for forecasting of what the clients need now and in future.
Incorporating the discussed forecasting methods in determining what is expected in the future is quite helpful to businesses and our case study, the State University. Being aware of the number of students and the funding expected will help manage the funds and place them in different areas to help the school's reputation. The management team should try to make the tuition fee affordable to the parents paying for their children's state education.
References
Armstrong, J. S. (2001). Evaluating forecasting methods. In Principles of forecasting (pp. 443-472). Springer, Boston, MA.
Berman, C. (2017, November 21). The Role of Forecasting in Initiating a TQM Approach. Retrieved October 06, 2018, from https://smallbusiness.chron.com/role-forecasting-initiating-tqm-approach-81534.html
Hiray, J. (2008, August 02). Time-series methods of forecasting. Retrieved October 06, 2018, from https://businessmanagement.wordpress.com/2008/02/21/time-series-methods-of-forecasting/
