FORECASTING TECHNIQUES FOR BUSINESS PLANNING: ENHANCING STRATEGIC DECISION-MAKING

Abstract

Forecasting is a critical component of business planning that helps organizations anticipate future trends, make informed decisions, and optimize resource allocation. This article explores various forecasting techniques used in business planning, ranging from traditional methods such as moving averages and exponential smoothing to more sophisticated approaches such as time series analysis, regression models, and machine learning algorithms. The paper discusses the strengths and limitations of each forecasting method and provides practical guidance on selecting the appropriate technique based on data availability, industry context, and the complexity of the forecasting challenge. By integrating forecasting techniques into the business planning process, companies can enhance their ability to respond to market changes, improve financial planning, and achieve strategic objectives.