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Accurately Conducting Market Forecasts

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Market forecasting is an attempt to predict opportunities for revenue generation through understanding future trends. The paper by Pilinkienų (2008) discusses a number of forecasting mistakes organizations make. Understanding how to forecast properly is part of market analysis and is a strong method for determining present actions that will have outcomes that are more fruitful in the future. Strategic decisions of organizations often rely on information contained within the present and the likely outcome of actions five or ten years down the road. Forecasting is usually seen as a process of understanding trends that influence the status of economic objects. Such outcomes continually adjust as new information becomes available. It is about knowing future economic opportunities through analysis based upon objective laws of reality. Some can see it as a prediction of events based in theory and practical laws of nature. There are number of concepts related to forecasting: -foreca