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Business Forecasting            

All organizations operate in the external environment. Plans should forecast future events for efficient working of the organization. Organizations should analyse the environment through various techniques of forecasting, identify their strengths and weaknesses and formulate their plans. Forecasting is closely associated with planning premises. Premising means formulating plans under a set of assumptions or forecasts which may affect the plans. “Planning premises are defined as the anticipated environment in which plans are expected to operate. They include assumptions or forecasts of the future and known conditions that will affect the operation of plan.”

If forecasts are a pre- requisite of planning, it is a planning premise. For example, planning based on future economic conditions of the country is a planning premise. If forecast is made after the plans are put into action, It is not a planning premise. For example, a new machine is purchases and put to use. Forecasts about revenues from this machine are not a planning premise but a mere forecast of the future expectations.

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