Strategic Planning And Forecasting Fundamentals
Individuals and organizations have operated for hundreds of years by planning and forecasting in an intuitive manner. It was not until the 1950s that formal approaches became popular. Since then, such approaches have been used by business, government, and nonprofit organizations. Advocates of formal approaches (for example, Steiner, 1979) claim that an organization can improve its effectiveness if it can forecast its environment, anticipate problems, and develop plans to respond to those problems. However, informal planning and forecasting are expensive activities; this raises questions about their superiority over informal planning and forecasting. Furthermore, critics of the formal approach claim that it introduces rigidity and hampers creativity. These critics include many observers with practical experience (for example, Wrapp, 1967).
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robin M. Hogarth & Spyros Makridakis, 1981. "Forecasting and Planning: An Evaluation," Management Science, INFORMS, vol. 27(2), pages 115-138, February.
- Armstrong, J Scott, 1978. "Forecasting with Econometric Methods: Folklore versus Fact," The Journal of Business, University of Chicago Press, vol. 51(4), pages 549-564, October.
- JS Armstrong, 2004. "The Seer-Sucker Theory: The Value of Experts in Forecasting," General Economics and Teaching 0412009, EconWPA.
- Thune, Stanley S. & House, Robert J., 1970. "Where long-range planning pays off Findings of a survey of formal, informal planners," Business Horizons, Elsevier, vol. 13(4), pages 81-87, August.
- Armstrong, J. Scott, 1977.
"Social irresponsibility in management,"
Journal of Business Research,
Elsevier, vol. 5(3), pages 185-213, September.
- JS Armstrong, 2004. "Social Irresponsibility in Management," General Economics and Teaching 0412031, EconWPA.
- JS Armstrong, 2005. "The Value of Formal Planning for Strategic Decisions: A Reply," General Economics and Teaching 0502065, EconWPA. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpgt:0502066. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA)
If references are entirely missing, you can add them using this form.