What is forecasting?

Forecasting is a key concept in management.It consists of anticipating future events using available information.Forecasting is mainly based on past and present data.Its purpose is to support decision-making and planning.Managers use forecasts to allocate resources and reduce uncertainty.There are short-term and long-term forecasts.Forecasting methods can be qualitative or quantitative.Forecasts are estimates, not exact predictions.They must be updated regularly.