Question

steps in environmental forecasting

Answer 1

that's how it is done

Answer 2

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The collection and analysis of data about the past, present and future involves a lot of time and money. Therefore, managers have to balance the cost of forecasting with its benefits. Many small firms don't do forecasting because of the high cost. Forecasting can only estimate the future events.


Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends. A commonplace example might be estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term.

Time-series forecasting is a quantitative forecasting technique. It measures data gathered over time to identify trends. ... Trend, cyclical, seasonal and irregular components make up the time series. The trend component refers to the data's gradual shifting over time



Strategic Planners use the information gathered from the environmental analysis for forecasting trends for future in advance. 

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