NTA-NET (UGC-NET) Commerce (08) Business Management-Planning Study Material (Page 9 of 12)

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Forecasting: Project

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Forecasting

Definitions of Forecasting
  • Forecasting is an important element/factor or base of planning. The efforts made to work out estimates for future, by drawing conclusions from the known facts, is called forecasting. In other words, forecasting is the basis of planning, its implementation and operation and formation of forecasted environment, when includes future assumption, forecasts and circumstances…

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Essentials or Criteria of Effective Planning or Characteristics of a Good Planning

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Essentials or Criteria of Effective Planning or Characteristics of a Good Planning

It is very difficult to decide which planning is good, excellent and effective, in practice, because planning to be done is easy, as well as complicated also. It is comprehensive and precise also. It is of short term, as well as for long term also. Manager՚s own experience helps them in resolving all these limitations or obstacles or the difficulties, to fairly large extent. They have decided certain criteria՚s or characteristics for identification of effective and better planning. On the basis of their experience, which are as follows:

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