Informal teams often substitute group goals for formal planning. The Technology S-Curve is a theoretical model used frequently in technology investment planning. Pacing technologies - these are areas that will help assure the organization's future competitiveness. Star NIST has developed Technology Balance Sheet as a comprehensive portfolio-style approach. Planning is concerned with predictions of what potential customers want, what competitors will develop, what suppliers will make available, what inflation and interest rates will be, etc.
Forecasting is therefore an important planning element.
Forecasting is typically classified as either qualitative or quantitative . Qualitative forecasting is appropriate when numerical models and data are unavailable or inappropriate. Examples of qualitative methods include jury of executive opinion, expert opinion and customer opinion. Methods for determining opinion include Delphi panels, Nominal Group Technique, brainstorming, surveys and content analysis. Quantitative forecasting techniques include least squares regression, time series, and dynamic systems analysis.