A forecast
is an estimate of an event which will happen in future. The event may be demand
for product, rainfall at a particular place, population of a country or growth
of a technology.
Forecasting classification:
There are
three classified of forecasting.
1. Technology Forecasts: Technology is a combination of hardware and software Hardware is any
physical product which software is the know-how, technique or procedure. Technologies
forecast deals with the characteristics such as a level of technical
performances rate of technological advances.
2. Economic Forecasts: It prediction of estimate on the general business environment which is
collect date from government agencies and other organizations who are they
involve it. This will be useful to government agencies in predicting future tax
revenues, level of business growth, level of employment and level of inflation.
3. Demand Forecast: The Demand forecast give the expected level of demand for goods or
services. This is the basic inputs for business planning and control.
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