Forecasting: The Key to Managerial Decision Making

Abstract

The successful businesses of the future are being created today by individuals and teams in tune with fast‐moving technologies, new markets and changing lifestyles. New disciplines have sprung up, new professions are born and new skills are in demand. There is a need to blend the new skills with those of the older professions. Many business decisions involve forecasting. In recent years its scope has expanded well beyond technical aspects. Addresses a broader set of managerial concerns through down‐to‐earth descriptions of forecasting, its advantages and limitations, and its role in the managerial decision‐making process. Uses a case study to demonstrate the application of a forecasting method.

Citation

Waddell, D. and Sohal, A.S. (1994), "Forecasting: The Key to Managerial Decision Making", Management Decision, Vol. 32 No. 1, pp. 41-49. https://doi.org/10.1108/00251749410050697