Difference between Backcasting and Forecasting in Corporation

In simple meaning, Backcasting and Forecasting both are same in regards of the business industry. If I talk about the Backcasting means the framing goals with regard to a future desired outcomes. Forecasting means to achieve with in the short time. It can be assume by the current situation of the company. It is in the narrow sense. Things are remain constant for instance, production techniques, and production and so on. The following video describes the difference between Backcasting and Forecasting.

In the beginning, the video informs about the sustainability goals of 25 years. It talks about the energy independent and zero waste landfill. They wants to do backcasting for 25 years and see them self after 25 years. This video expresses the difference between forecasting and backcasting. Forecasting means it indicate their self after 5 years and assume their company has to be grow 10%. Forecasting gives the information from the current information. It works with the same techniques.

They also differed backcasting means, they not includes the existing information. They are not using the current working techniques to assume the future of the business. It also change the values. It uses the information of past so they can achive their desired goals within their desired time. Backcasting describe the future vision and then develop the program so they can reach at their goals. Backcasting is specially to achieve a long term goals systematically. Initially, they get a benefit in short term  then they start to achieve a long term goals.

Hemang Bhavsar

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Source:
http://www.youtube.com/watch?v=lvfHmmm5gi8