Forecasting calculates the future from known data

Forecasting is a managerial practice of calculating future supply and demand based on known data (“how many widgets can we make and sell next year”). This is similar to (but is also significantly different from) Strategic Forecasting, which is a leadership function that includes known data as a factor, but integrates broader trends through “horizon scanning” and Scenario Planning.

#management

See also:

• Forecasting calculates the future from known data
• Premortem works backward from an undesirable outcome in order to prevent it
• Backcasting works backward from a desired outcome