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Concept of informed predictions, management, Management Theories
Concept of informed predictions
The concept of informed prediction provide an information and overview about the future which is an assumption based on past data and elements which helps in overall developments that is comes from experimental research of collected past data, judgmental, professional experience, knowledge and common sense of an individual person, group and team. The concept behind of informed predictions is to forecast and introduce a concept to find the market development, existing opportunities and create a healthy competition within the market for their competitors.
The assumption related to the past experience and the way of supposing things is basically known as informed prediction. This is based on past research, data analysis, past experience, on the basis of judgment of the past and also is based on knowledge and sense of the person. For example: there are different experts who help the people to know about the future happenings and they manage to do future forecasts. According to weather expert, their profession helps to tell us about the condition of weather in terms of days, week or months. They predicts in advance of the records and happenings in the future. Similarly, in an organization, there are future predictions in terms of sales and profits. They plan the goals and strategies to as per their experience and knowledge information so they are able to achieve success in future and able to achieve goals with the help of strategic planning process.
Posted Date: 2/6/2012 11:06:51 PM | Location : United States
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