Business Forecasting

Forecasting is a technique of anticipating future problems and events. It involves making a detailed analysis of the past and present to get an idea about probable events in the future.

Forecasting makes planning possible, ensure coordination, facilitates control and enable strategic changes.

Business Forecasting is an act of predicting the future economic conditions on the basic past and present information, it refers to technique of taking a prospective view of things likely to shape the turn of things in foreseeable future. As future is always uncertain, there is a need of organized system of forecasting in business.

Process of business forecasting consists of the following steps

1)   Developing the basic
2)   Estimating the future business operations 
3)   Regulation Forecast
4)   Reviewing the forecast process