At the beginning of each year, while many individuals make New Year’s resolutions, organizations make forecasts about the year ahead. Both have high fallibility. Forecasts are predictions about what will happen in the future based on information currently available. As such, they are exercises of imagination, which studies have shown are rarely correct in their particulars.
Business Forecasts Are Reliably Wrong — Yet Still Valuable
Six ways savvy leaders can use them to gain a competitive advantage.
March 08, 2022
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Summary.
Business forecasts are often wrong — and yet they can still be a powerful tool for savvy leaders if they view them in aggregate and ask the right questions. The authors offer six ways in which business leaders can gain competitive advantage from forecasts and offer their analysis of the themes revealed in 20 forecasts for 2022 and beyond by prominent commentators and thought leaders on business and society.
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HBR Learning
Business Plan Development Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Business Plan Development. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Learn how to create a winning business plan.