ABSTRACT
As we have seen, one of the main reasons decision making is seldom straightforward is that most situations involve uncertainty, which makes it difficult to anticipate future events. Indeed, many aspects of business planning and decision making require forecasts of future circumstances, and the only thing that can usually be said with confidence is that forecasts will be inaccurate to some extent. This does not mean that forecasting is a waste of time, because a plan of action based on a well-conceived forecast is likely to be better than instinctive reactions to events that occur.
