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...
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