External Environmental Forecasting

No firm, large or small, over a period of time, remains in a static condition. It experiences upward or downward swing. Robert C. Turner, and economist, stated, “Business forecasting is unavoidable. Every business decision involves a forecast, implicit, because every business decision pertains to the future. Although business decision makers should neither accept any forecast as infallible nor rely exclusively on it, they would be well advised to give forecasts… a significant weight in their own planning.”

Different kinds of forecasts related to external environment are :
      
       1. Economic forecasting
       2. Technological forecasting
       3. Forecasting regarding Government policies
       4. Sales forecasting

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