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Macro-environment analysis - Forecasting - Forecast approaches

Q: What is range forecasting?

When organizations have less certainty and suggest a range of possible outcomes . Also called 'fan charts'. Often used in economic forecasting .

Q: What is alternative futures forecasting?

Involves even less certainty and focuses on a set of possible yet distinct futures , which are discontinuous and have different outcomes .

3 important questions on Macro-environment analysis - Forecasting - Forecast approaches

What is single-point forecasting?

When organizations have such confidence about the future that they will provide just one forecast number. Implies a great degree of certainty.
Often used for demographic trends.

What is range forecasting?

When organizations have less certainty and suggest a range of possible outcomes. Also called "fan charts".
Often used in economic forecasting.

What is alternative futures forecasting?

Involves even less certainty and focuses on a set of possible yet distinct futures, which are discontinuous and have different outcomes.