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.