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.