Definition: is the process of predicting and calculating the potential intensity, duration, timeframe, and nature of various external forces that can affect the business activities of a company, interrupt its plans, and force it to introduce changes to its objectives and strategies. This process can be performed both on the basis of an organization’s past experience, and the analysis of current trends occurring in the technological, economic, political, or social spheres. The goal of environmental forecasting is to accurately estimate upcoming changes and protect the company.
In a Sentence:
During the board’s meeting, the directors discussed the results of the environmental forecasting performed by an outside agency.
After a new ruling party took charge of the country, Nicolson & Sons conducted environmental forecasting to prepare for the future.
Our environmental forecast suggests that the current trends in the social media sphere can impact our business in several ways.
Synonyms and related words: strategic management, forecasting, cash flow forecasting, fundamental forecasting, economic forecasting