Forecasting & Prediction in an Innovation Context.
Forecasting & Prediction in an Innovation Context. The world is facing increased growth and change. The changes make the future uncertain as no one knows what new changes can occur tomorrow; no one knows that future. However, forecasts and predictions can help us get a close result on the changes and uncertainties in the future. Both play a vital role in determining a business’s success in the future. Forecasting estimates the characteristics, success, and demand of a product or technology (Watts & Porter, 2017). Predictions and forecasts identify possible strengths, weaknesses, opportunities, and threats. When firms use them correctly, they enjoy growth and development. Firms and researchers use the results from forecasts for appropriate decision-making and business planning. For accurate forecasts and predictions, firms use a combination of scientific analysis of previous data and subjective considerations. Nikola Tesla’s Prediction of Phones and the Interne...