Strategic Planning And Forecasting Fundamentals

J. Armstrong

General Economics and Teaching from University Library of Munich, Germany

Abstract: Individuals and organizations have operated for hundreds of years by planning and forecasting in an intuitive manner. It was not until the 1950s that formal approaches became popular. Since then, such approaches have been used by business, government, and nonprofit organizations. Advocates of formal approaches (for example, Steiner, 1979) claim that an organization can improve its effectiveness if it can forecast its environment, anticipate problems, and develop plans to respond to those problems. However, informal planning and forecasting are expensive activities; this raises questions about their superiority over informal planning and forecasting. Furthermore, critics of the formal approach claim that it introduces rigidity and hampers creativity. These critics include many observers with practical experience (for example, Wrapp, 1967).

Keywords: planning; forecasting; strategic (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
Pages: 31 pages
Date: 2005-02-11
Note: Type of Document - pdf; pages: 31
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Citations: View citations in EconPapers (1)

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Related works:
Working Paper: Strategic Planning and Forecasting Fundamentals (1983)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpgt:0502066

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