Forecasting is already discussed in old management books several times as it’s all about predicting, projecting & estimating some specific future events & market conditions and other variable (internal or external) condition in the organization.
For online business forecasting is becoming an important element of planning to meet the business objective in shorter time. I think forecasting in online business must be blend with intellectual basis & information inputs for undertaking the formulation of meaningful plans. Intelligent, systematic & scientific forecasting should be an attempt for understanding the state of the uncertainty and complexity of some of the variables of the future, for example the changing behavior of search engine algorithms. The future search engine seems to be more intelligent & powerful, it would be more scientific and systematic by detecting knowledge. I guess the future search engine is going to establish dialogue with the users to provide the “Exact & Accurate ” information as per their search terms within a single page search results.
So as a human our intelligent forecasting should strengthens the sense of confidence and level of individual competence and make informed. The assumption should be estimated with the judgment of the implications of future events and behavior of variables. They might be related to the future market condition, general price situation, cross culture, political condition and change in its structure, business condition and the competitive trends, in short the prediction should be based with any degree of these credibility.
Major initiative on new market, new products, and new technology and processes may end up as failures if you do not exercise in forecasting and operate a flexible plans. The very philosophy of planning is a philosophy of faith in the future even though the future is uncertain and complex. You need flexible plans, as flexible plans remain largely relevant even in the face of unexpected future changes within certain limits. You need to generate more reliable, relevant and adequate information through improved scanning and forecasting techniques.
For large organization installation of dynamic management intelligence systems is one of the steps that can lead them in the right direction. Forecasting lead you to formulate a flexible plans which can be modified at short-notice in response to emerging contingencies and assumption for a range of possible situations.