What is the trend analysis in the field?
Analysis of industrial trends is a qualitative and quantitative report on a particular sector of economic activities defined by national or international industry classification systems. The industry is any activity in which raw materials are processed into finished goods. In the analysis of industrial trends, various methods used to collect, quantification and interpretation of economic activity are used. The analysis generally selects the industry according to the North American Industrial Classification System (NAICS) code. Others are done to better understand market dynamics and performance in the industrial sector. The analysis of industrial trends helps leaders of enterprises, economists and politicians to understand the structure of industry. The vulnerabilities and opportunities that may exist within the industry can be revealed by analysis.
, which data is written in the analysis of the trend of industry depends on the purpose of the analysis. Economists look at industrial trends to provide feedback to government officials or industry managers. PoliticianKé systems are closely linked to economic systems because the productivity of the nation is essential to support the population with the necessary and luxurious goods. The government could use the collected data to provide incentives to one industry than the other. Business leaders perform trend analysis in the field to measure the ability of their companies to remain competitive.
NAICS is used in the analysis of industrial trends to compare one industry with the other or to group industries in a wider analysis. Economic activity generated by the sale of finished goods is also included in the NAICS category. This system has replaced the standard industrial classification system (SIC) used in USAV 1997. This change was made to modernize the system to include categorization according to how to produce, not only what is produced. This change also enabled industrial activities in MexIku, Canada and the US to be considered a whole.
NAICS organizes industrial categories using numeric codes. Classification codes indicate the boundaries of a place where one industrial sector ends and the other starts. The strict definition is useful in comparing the analysis of one industrial analysis of the trend in the industrial category.
Example of how the NAICS codes work can be understood when looking at the seafood industry. The industrial seafood preparation and packaging seafood has a numeric code 3117. Sea fruits, activity that falls into a larger category of seafood in general, was assigned a 311711 code, while fresh and frozen seafood processing has a 311712 code.
Industry coding helps to determine specific boundaries for each Industry activity. These codes are structured so that one part of the industrial sector's operation can be divided as independent economic statistics for the purposes of trend analysis. SuchStatistics are essential in performing the quantitative part of the analysis of the industrial trend.