Parameters for the Evaluation and Choice of a Good Computer Based Forecasting Technique

Many a time, most business organizations, industries and companies fail as a result of the choice their management made regarding things to do, and when to do them. The choices can be beneficial when correct prediction of business conditions were made. Computer-based forecasting systems present themselves as the most appropriate tools for effective prediction of business conditions. This paper critically examines the parameters for the evaluation of various computer-based forecasting techniques to determine and present suitable tools for correct prediction of business conditions to business managers. Data from primary sources were gathered with instruments in a structured questionnaire. The data was analyzed using frequency, percentage ratio and mean to determine a more positive stand on the parameters for the evaluation. The research revealed that parameters like flexibility of forecasting technique, compatibility, time period of forecast and cost benefit of the forecast were useful to determine the choice of a given forecasting technique. When good choice is made, forecasts whether in business, government, economy etcetera will be very reliable and aid well informed amd quality management decision.