Final answer:
In business processes, resource planning and forecasting tools are used to balance supply and demand, with forecasting utilizing algorithms and demand-supply analysis to predict future needs.
Step-by-step explanation:
Tools used in business processes such as resource planning and forecasting help business to optimize their production and operations. Forecasting tools specifically try to balance the disparity between supply and demand by improving business processes and using algorithms and data analysis to predict future needs. This is essential for managing economic factors such as production possibilities, supply and demand schedules, and changes in equilibrium price and quantity.
Another critical decision-making process in business is the cost/benefit analysis. This involves weighing marginal costs against marginal benefits to help make decisions. It's represented on a T-chart where costs are listed on one side and benefits on the other, guiding businesses to make choices that yield the greatest net benefit.
In conclusion, the tools used are:
- Resource planning
- Forecasting tools
These tools employ demand-supply analysis to anticipate future necessities, which informs strategic decision-making within a company to meet market demand efficiently.