BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In fact, forecasting is the essence of planning because the future course of action is determined in the light of the forecast made.

Detailed explanation-2: -The essence of planning is asking and answering questions: Where have we come from? Where are we? Where do we want to go?

Detailed explanation-3: -Planning and forecasting is the managerial process of mapping out corporate actions based on past and present data trends.

Detailed explanation-4: -What is the importance of forecasting? Forecasting allows your company to become proactive in directing its future. By aggregating and analysing past data, predictions can be made about future trends and changes.

Detailed explanation-5: -Prediction is concerned with future certainty; forecasting looks at how hidden currents in the present signal possible changes in direction for companies, societies, or the world at large. Thus, the primary goal of forecasting is to identify the full range of possibilities, not a limited set of illusory certainties.