Estimating the future outcome simply ca be termed as forecasting
(1)Economic forecast: It
is the process of identifying the factors which effects the economy. It
includes: GDP growth, Per capita income, BOP, GNP etc.
(2)Social forecast:
It is the process of identifying the factors which effects the society. It
includes: Population growth/decline, ethnic composition, lifestyle etc.
(3)Political forecast:
It is the process of identifying the factors which effects the political
environment. It includes: changes in the relative power of the political party,
political alliances and ideologies.
(4)Technological forecast:
It is the process of identifying the factors which accelerates and drives the
technology. It involves: innovation, diffusion and penetration of technologies.
