THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANISATION

Abstract

Individuals and organizations have operated for hundreds of years by planning and forecasting in an intuitive manner. It was not until the 1950sthat formal approaches became popular. Since then,such approaches have been used by business, government, and nonprofit organizations. Advocates of formal approaches (for example, Steiner, 1979) claim that an organization can improve its effectiveness if it can forecast its environment, anticipate problems, and develop plans to respond to those problems