Forecasting in management (1)
Forecasting in management is the process of predicting future trends, events, or outcomes based on historical data, statistical analysis, and other relevant information. It plays a crucial role in strategic planning, decision-making, and resource allocation within organizations. Here are some key aspects of forecasting in management:
Strategic Planning: Forecasts provide valuable insights for long-term strategic planning by identifying potential opportunities and risks that may affect the organization’s goals and objectives. They help management anticipate changes in the business environment, industry trends, and customer preferences.
