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What is forecasting?

Management Dictionary
Higher Management Education, International Management, Logistics and Supply Chain, Strategic Management

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Forecasting is a key concept in management.
It consists of anticipating future events using available information.
Forecasting is mainly based on past and present data.
Its purpose is to support decision-making and planning.
Managers use forecasts to allocate resources and reduce uncertainty.
There are short-term and long-term forecasts.
Forecasting methods can be qualitative or quantitative.
Forecasts are estimates, not exact predictions.
They must be updated regularly.

Links & resources

Keywords

error, Forecasting, Horizon, pattern, Planning, Prédiction

Author(s)

MEHMOOD Fahad

Assistant Professor

Institution(s)

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