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Backcasting is a planning method that starts with defining a desirable future and then works backwards to identify policies and programs that will connect that specified future to the present. [1] The fundamentals of the method were outlined by John B. Robinson from the University of Waterloo in 1990. [ 2 ]
Forecasting. Forecasting is the process of making predictions based on past and present data. Later these can be compared (resolved) against what happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results creating a variance actual analysis. Prediction is a similar but more general ...
Futures studies. Reference class forecasting or comparison class forecasting is a method of predicting the future by looking at similar past situations and their outcomes. The theories behind reference class forecasting were developed by Daniel Kahneman and Amos Tversky. The theoretical work helped Kahneman win the Nobel Prize in Economics.
Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for GDP, inflation, unemployment or the fiscal deficit —or at a more disaggregated level, for specific sectors of the economy or even specific firms. Economic forecasting is a measure to find ...
Futures studies, futures research, futurism research, futurism, or futurology is the systematic, interdisciplinary and holistic study of social/technological advancement, and other environmental trends; often for the purpose of exploring how people will live and work in the future. Predictive techniques, such as forecasting, can be applied, but ...
Definition and idea. Strategy is a high level plan to achieve one or more goals under conditions of uncertainty. [3] Strategic foresight happens when any planner uses scanned inputs, forecasts, alternative futures exploration, analysis and feedback to produce or alter plans and actions of the organization. [4][5] Scenario planning plays a ...
Planning is the process of thinking regarding the activities required to achieve a desired goal. Planning is based on foresight, the fundamental capacity for mental time travel. Some researchers regard the evolution of forethought - the capacity to think ahead - as a prime mover in human evolution. [1] Planning is a fundamental property of ...
A consensus forecast is a prediction of the future created by combining several separate forecasts which have often been created using different methodologies. They are used in a number of sciences, ranging from econometrics to meteorology, and are also known as combining forecasts, forecast averaging or model averaging (in econometrics and statistics) and committee machines, ensemble ...