chapter  18
12 Pages

TECHNOLOGICAL FORECASTING

Technological forecasting is a discipline concerned with identifying new products based on innovative technologies that will produce growth markets. It attempts to predict changes in technology and to estimate the time frame in which new technologies are likely to be economically feasible. By its very nature, it is one of the most difficult kinds of forecasts to make because of the innumerable variables, unknowns and possible outcomes. However, being able to forecast technology with a reasonable degree of accuracy is becoming increasing important to the success of business managers in gaining a competitive edge—or even remaining viable in the long run, as evidenced by the tremendous pace of change occurring today.