Meaning and Definitions of Business Forecasting
The problem of business forecasting refers to the analysis of the past and present economic conditions. With the objective to draw conclusions about the future course of business events and happenings.
In the words of Henry fayol the father of the tern business forecasting business plans are divided into different small separate plans which are called business forecasting .Most of the plans are based on some future anticipatory results. According to him forecasting means looking into the future, It may be for a day , for a week, a month , a year 5 year or 10 year period,
Anderson has defined it as, a forecasting is nothing more than an estimate for a future condition.
According to Lenonard S Silk business forecasting is the analysis of statistical data and other economic. Political, and market information for the purpose of reducting risk involved in making business decisions and long range plan. Similarly Neter and Wasserman opine. Business forecasting relates to the statistical analysis of the past and current movement in the stipulated time series so as to obtain clues about the future pattern of those movements.
Leo Barnes observes as forecasting is a systematic attempt of the pre voyanee based on known facts and conclusions.
According to simpson and kafka in statistics, the term forecasting refers to the extending or projecting time series into the future, based on past behaviour of the quantitative data.