Basis of Planning and Forecasting Essay by joy

Basis of Planning and Forecasting
The concept of "planning and forecasting" from the basics are explained in this paper including the meaning of forecasting, planning and forecasting, methods of forecasting and techniques of forecasting.
# 6621 | 1,670 words | 3 sources | MLA | 2002 | IN
Published on Feb 08, 2003 in Economics (Econometrics) , Business (General) , Philosophy (General)

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The term forecasting can be defined as the process of estimating the reverent event of future based on the analysis of their past & present behavior. This definition of forecasting gives rise to three essential characteristics of forecasting. Firstly, forecasting relates to future events. It is the estimation of what will happen in future secondly,forces are made by analyzing the past & present events which are relevant. Anything predicted of the future can't be termed as forecasting. It requires proper analyzing of past & present event requires certain statistical & mathematical tools. Relating the business to forecasting, it may be defined as management tool which provides the necessary raw material for budgeting.

From the Paper:

"Ever since the man has developed the understanding to find out the concepts behind the phenomena's of nature, further prediction & forecasting has been the main tool in the hand of the person who starts up the experiments projects or any systematic activity to come to the required conclusion. Every individual every institution has to forecast some thing or the other in the daily sphere of life. All of us are interested in forecasting of some type or the other it could be the forecasting of daily experience in a day to day life or it could be related to the respective work, job or any activity. Forecasting is gradually becoming a must for all spheres of human activity may it be house politics or business. Needless to say it has a lot of importance in any of the respective spheres."

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