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FORECASTING
When estimates of future conditions are made
on systematic basis, the process is referred to
as “FORECASTING”.
The figure(s) or the statement(s) obtained by the
process of forecasting is called “FORECAST”
Forecasting aims at reducing the areas of
uncertainty that surround management decision-
making with respect to cost, pricing, profit, sales,
production, capital investment etc.
FORECASTING
The subject of business forecasting is
NOT to determine the a curve or series of
figures accurately that will tell us
exactly what will happen in future.
FINANCE:
Cash Flows
Revenues,
PERSONNEL:
No. of Workers in Each Category
Labour Turnover
Absenteeism
FORECASTING MODELS