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The importance of forecasting in my organization allows it to make strategic decisions regarding healthcare plans and goods that we provide. This strategy enables our customers and clients to utilize our goods and services in ways they see fit to better manage their health.

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The importance of forecasting in my organization allows it to make strategic decisions regarding healthcare plans and goods that we provide. This strategy enables our customers and clients to utilize our goods and services in ways they see fit to better manage their health. In addition, it helps to prove and support our fiduciary behaviors toward our shareholders and stakeholders. Staying current with trends, initiatives, best practices, laws, and regulations, strategically position us to be a highly reputable healthcare leader that many people can trust and look forward to conducting business with. As noted by Anderson et al., (2016), a forecast is generally a prediction of what will happen in the future. With this being said, a beneficial example that forecasting can bring to its user and audience in the business world if used properly can include the following: increased sales, better pricing, employee retention, etc. Generally, these benefits translate into enhanced overall organizational success, and the more accurate the forecast, the more beneficial the results and expectations will be. If the user is able to successfully incorporate all aspects of what they are trying to accomplish through forecasting, then they will most likely yield the results to match. I believe that forecasting is another term for strategic thinking, as future steps and expectations are trying to be turned into reality. Respond here: An economic decision I recall is my dad getting angry at a local gas stations charging above the local market prices he saw across town. He used those other prices as a reference point (Froeb, et al., 2018). My dad would drive all the way across town (20 miles round trip) to save five cents a gallon. So by the time you added up what he was saving, maybe a $1 per fill up and subcontracted the fact that it took a gallon of gas (obviously > $1), he was actually losing money. Not to mention the opportunity cost of spending 30 minutes to fill his tank, when he could of done it in 10 minutes by filling his car up at one of the local gas stations. While his attempt at trying to lower demand (his demand) at the local gas stations and thereby causing them to reduce prices were noble and not incorrect per se, the rational decision would've been to do a cost/benefit analysis of driving across town to fill his tank up. I would hope if he was to do it again, he'd realize that he was actually spending more money AND suffering the opportunity costs of driving across town to make a point. Respond here: Market concentration is how the total market is distributed with the companies that are similar. A higher market concentration means that the price levels will rise do the completion being higher, and everyone is trying to beat one another. A smaller market means that less people need that specific item, meaning the prices are typically lower. Upon doing research, I found that completion within the markets can be very good. "Some new research takes a stab at it, though, and suggests the bias problem is real. And that that may be made worse by the fact that the big three ratings companies are essentially an oligopoly. So, lack of competition may lead to lack of ratings rigor." (WSJ, 2011) Lack of coemption means a higher price level, which may make it hard for people to get what they need with the way things are going. Though a lack of competition may make it easier for smaller businesses to make it. Respond here:

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