The forecasting system and techniques

FORECASTING is not just a specialized management technique, but something which we all understand and do quite naturally. Because of the existence of time, all of us run our lives by making forecasts. In the present (which is an infinitesimally short period of time) we have to make forecasts of what will happen in the future based upon our experience of the past. Without such forecasts, we could not run our lives because we have to keep making decisions about the future.