Making analysis to minimize the unknown factors: The business forecasting way

Abstract

A forecast is a mere assessment of future events. Business forecasting is made to determine the trend of figures that will tell exactly what will happen in future and also to make analysis based on definite statistical data in order to enable the firm to take advantage of future conditions to a greater extent than it could do without them. While forecasting, one should remember that it is impossible to forecast the future precisely. Inspite of this, we cannot negate the relevance and utility of business forecasting. The forecasts may be for short-term or long term. There are a good number of statistical techniques which provide more accurate forecasts. However, the forecaster must be cautions while selecting a suitable business forecasting technique.