Forecasting Techniques

Planning is gaining popularity at all the levels of human organization, individual or personal, firm, industry and the government. Further a successful planning at any entails three things

a.       Positive forecasts: It is quite impossible for n unit, say , a firm to make plans unless it has some view of the problems which lie ahead and so forecasts have to be made which will indicate which is likely to happen in the absence of any action by the firm.

b.      Setting of objectives : Before any plan can be laid, an organization must have formulation some objectives and

c.       Actual forecasts: Given the availability of passive forecasts and given that some company objectives have been formulated, the firm has to be able to forecasts what will be the outcome of pursuing these objectives by means of the policy instruments within its control.

Forecasting Techniques

1.       Historical Analogy Method

2.       Executive Opinion Method

3.       Survey Techniques

4.       Barometric Techniques

5.       Regression Analysis

6.       Time Series Analysis

7.        Exponential Smoothing

8.       Input- Output Models

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