Asked by Joseph Aguero on Sep 26, 2024
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As a result of the fast-paced changes occurring in the external environment, forecasting techniques have become obsolete in helping managers cope with uncertainty about the future.
Forecasting Techniques
Methods used to predict future trends, outcomes, or behaviors, often through statistical analyses or models in various fields such as finance, weather, or sales.
External Environment
All outside factors and influences that affect an organization's decision-making process and performance, including economic, political, social, and technological factors.
- Understand the significance of forecasting and innovation in business strategy.
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Learning Objectives
- Understand the significance of forecasting and innovation in business strategy.
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