WHAT IS FORECASTING
FORECASTING
It
is a planning tool used to predict future environmental happenings that will
influence the operations of an organization
•
Forecasting is the essence of
planning. They supply vital facts and relevant information for successful
planning.
•
Forces executives to look ahead,
think through the future and improve their mental faculties.
•
Helps in achieving better
coordination by focusing attention on the future. Helps in ensuring a
singleness of purpose to planning
•
Helps in ensuring control wherever
it is lacking and thereby improves performance
•
Helps in identifying the
environmental forces and assists in providing for these challenges though in an
imperfect way.
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