‘Gut instinct and personal knowledge rather than any formal indicators’ may be driving short-, medium- and long-term decision-making in the forestry industries, according to early feedback from a University of Wales study project.
Jointly funded by the UK Forest Products Association, Forestry Commission and Scottish Enterprise, the research reveals that the vast majority of businesses ‘rely upon their own understanding of the market place rather than the use of any formal key indicators’.
According to the research team, many businesses develop personal networks and conduct ad hoc surveys for data collection when making investment planning decisions. Companies surveyed recognised there was a significant amount of information available to assist long-term planning but expressed concerns over accuracy, timeliness and ease of use.
Pricing and materials availability information emerged as the most important issues in day-to-day trading.
