Forecasting by econometric models as support to management

Abstract

In the contemporary environment characterized by the dynamic structure of factors and the unpredictability of the relations existing between them, the central problem is the selection of strategic goals. Forecasting is the necessary precursor to the planning process and includes research into the future course of events. Numerous methods and techniques of forecasting are used nowadays. Econometric models can be used successfully for predicting the future development of a phenomenon, and thereby facilitate the choice of strategic goals.