The Boeing Company is one of the best companies providing a comprehensive and resent overview of the air cargo industry. It provides the biennial World Air Forecast. The findings summarise the major air trade markets in the world, giving the major trends and projects on the future improvements and performance of the world’s cargo airplane.
Forecasting and planning are two synonyms which normally create confusion yet they have different meanings. Forecasting is the task of predicting the short term or long term future events by keeping statistics. The important element in forecasting is that it’s based upon some assumptions which are general.
These assumptions may or may not be true and does not necessarily reflect the company’s expectations.
Planning on the other hand is the creation and maintenance of a flow of events in an organisation and the process of coming up with the procedures necessary to create the desired goal in the organisation.
Forecasting is a very important aspect in cargo industry. Some of the purposes of forecasting include:
· To identify the alternative possible futures.
· To get a justification on the plans and decisions we make.
· To provide information on possible futures so that realistic planning can occur.
· To raise awareness of the possible futures so that we have choice over which the future will support.
These are just a few of the purposes of planning but overally its meant to give us a direction on the future happenings so that we get prepared.
Forecasting can either be short term or long term. Short term forecast includes any current or recent past records that form a basis for the forecast. An example is the use of precipitation, thunderstorms and winds.
Long term forecasting is the use of a wide range of facilities for forecasting especially that which covers a long period of time e.g. the use of cloud computing. This is the use of the software’s to compute the forecasts of a particular company.
The use of forecasting in the companies involved in air cargo has increased over the years. One of the major contributions of forecasting is in planning.
Air cargo companies have had to have an efficient plan making them set aside resources to tackle the future outcomes of the company. It has also aided in analysis. Several companies can compare themselves and know there stand. This has tremendously caused improvements in the air cargo industry.
The accuracy of forecasting in the modern world necessitates the controlling process. The forecast error is currently estimated to be very small and is calculated by getting the difference between the actual value and the forecast value.
The air cargo companies were affected by the traffic growth in 2008 and 2009 edition. World air cargo went upto 6% in 2007, following the previous 4% in 2006. This has declined in the years 2008 and 2009 consecutively approximated to be about 3.4% in 2008. This analysis relates to the Boeing air cargo company.
2009 will however be a grim year for the air cargo industry because of the magnitude at which the occurrence of global slump in trade growth is doing. Seabury forecasts indicate that 2009 will be a tough year for the air cargo companies getting 3.1% in air trade.
It predicts however that this will improve in 2010 and rise to 5.1% forming a basis for further improvement in the subsequent years.
Growth projections and highlights indicate the air cargo company picking up to 5.1% to 5.9% from the year 2011 to 2012. These projections are based on the fact that the change of the food and fuel prices will have a major change in the future. These two factors form the basis of the air cargo company market pricing.
The success of aeronautical engineering requires several materials in its programming. As opposed to the past where the products were not of the standard the present day aeronautical engineering requires enough materials.
These include the use of digital and print equipment. The current data aeronautical companies utilize the geospatial machines which can decode the geospatial-referenced digits, and data which has been fused with other information.
Kress, G. (1994) Forecasting and Market analysis techniques: a practical approach, London: Quorum books.
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