Process for making informed predictions
Informed predictions are made by the help of strategic planning process and there are three steps to successfully make the informed predictions such as:
The first step discuss about the variables which is required and needed to identify by the people.
The second step is to focus on the market research and to conduct the market research and the third step complies to make the informed prediction is based on the knowledge, experience, judgment and is based on the findings and result of the research that has been conducted in the market place.
This would be clearer by giving a certain example such as: when the group of people planning to go for a long business trip then make informed predictions such as the types of clothes they will need in the visit whether formal, casual or informal, the type of food they will get, they will assume whether they will require winter clothes or summer clothes, if winter, then what will the quantity of clothes? They will also predict if they will require two businesses / corporate suit or three? They presume that what is required in meetings and they also assume and predict that what they require in those meetings and so on, this is the process of informed predictions.