What Are the Prerequisites of a Good Forecast

question 8

Essay

What are the prerequisites of a good forecast?

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Definitions:

Policies

Formal guidelines or rules established by organizations to govern their operations and decision-making processes.

Planning Function

A fundamental management activity that involves setting objectives and determining appropriate strategies and actions to achieve them.

Set Direction

The process by which leaders define goals, objectives, and the course of action to be taken to achieve desired outcomes.

Ensure Results

The act of making certain that planned outcomes or goals are achieved effectively.