Principles of Management

CHAPTER 6

Forecasting

CHAPTER OBJECTIVES

After reading this chapter, you should be able to:

1. Understand the meaning and importance of forecasting
2. Explain the types of forecasting
3. Elucidate the principles of forecasting
4. Enumerate the key elements of forecasting
5. Elucidate the steps in the forecasting process
6. Understand the techniques of forecasting
7. List the challenges to forecasting
8. State the guidelines for effective forecasting

India’s Inspirational Managers

Azim Premji is the chairman of Wipro, a leading global IT company with presence in over 50 countries. Due to his astute foresightedness and bold leadership, the then USD 1.5 million company manufacturing hydrogenated cooking fats evolved into a US$8.36 billion (2018) company ...