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Strategic Planning And Forecasting Fundamentals

  • JS Armstrong

    (The Wharton School)

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).

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File URL: http://128.118.178.162/eps/get/papers/0502/0502066.pdf
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Paper provided by EconWPA in its series General Economics and Teaching with number 0502066.

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Length: 31 pages
Date of creation: 11 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpgt:0502066
Note: Type of Document - pdf; pages: 31
Contact details of provider: Web page: http://128.118.178.162

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  1. 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.
  2. Armstrong, J. Scott, 1977. "Social irresponsibility in management," Journal of Business Research, Elsevier, vol. 5(3), pages 185-213, September.
  3. Robin M. Hogarth & Spyros Makridakis, 1981. "Forecasting and Planning: An Evaluation," Management Science, INFORMS, vol. 27(2), pages 115-138, February.
  4. JS Armstrong, 2005. "The Value of Formal Planning for Strategic Decisions: A Reply," General Economics and Teaching 0502065, EconWPA.
  5. JS Armstrong, 2004. "The Seer-Sucker Theory: The Value of Experts in Forecasting," General Economics and Teaching 0412009, EconWPA.
  6. Armstrong, J Scott, 1978. "Forecasting with Econometric Methods: Folklore versus Fact," The Journal of Business, University of Chicago Press, vol. 51(4), pages 549-64, October.
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