Forecasting is a method focused on trend analysis and past and present data to make predictions about the future path of a market or a corporation. In essence, information about the organization is gathered and analyzed, and research is performed to predict possible scenarios that are likely to occur. Therefore, forecasting is an essential instrument in the business planning process.Managers (statisticians, analysts, economists, consultants, etc., at various levels, typically make predictions. They require a lot of data collection (both past and present) and interpretation of data.The use of scientific techniques and methods is also present. But forecasting is not an exact science at the end of the day. Some guessing and observations are still involved. This is where these experts' expertise and insights come into play.The following are some significant features or characteristics of forecasting: Forecasting only applies strictly to future events The probability of a potential occurrence or transaction occurring or occurring is evaluated. This includes data collection from the past and the current. Forecasting uses scientific methods and techniques to render such predictions But some guesswork and assumptions are also involved.