FEATURES OF FORECASTING

Based on the above definitions the following features are explained below:

1.         Involvement of future events: Forecasting relates to future events. Forecasting is the essence of planning because planning also aims at deciding what is to be done in the future.

2.         Depends upon past and present event: Actually, forecasting is made by analyzing the past and present relevant data. It takes all the factors into account, which affect the functioning of the enterp1ise.

3.         Happening of future events: Forecasting defines the probability of happening of future events. Therefore, happening of future events can be precise only to a certain extent.

4.         Makes use of forecasting techniques: As can be gathered from what has gone  efore that forecasting is a systematic attempt to probe the future with a view to drawing certain useful infer ness. Such a probing obviously demands a proper and full analysis of known facts with the help of various qualitative and quantitative forecasting techniques.