Internal Environmental Forecasting

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Internal Environmental Forecasting

Effective forecasting precedes planning. Besides external factors which affect forecasts, organizations must identify their internal environment also in the form of their strengths and weaknesses and analyse their impact on the forecasts made by them. Two main factors which help in identifying the internal environment are:

       1. Human Resources
       2. Non- human Resources

1. Human resources:

Human beings convert inputs into outputs and achieve company’s plans. Their competence and skill in distinctive areas of specialization must be recognized while making corporate plans.

2. Non- human resources:

Plans must focus on financial and non- financial resources of the firms so that resources are optimally used to achieve objectives stated in the plans.

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