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A Realized Prediction

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  Research the concepts of forecasting and predictions in a business or innovation context             According to Data Science Blog, a prediction is where you used for “estimating the outcomes for unseen data” while forecasts also estimate outcomes but use a time series.   The difference between these two is this temporal element (Döring, 2018) .   With innovations in mind, this can be seen as forecasting relating to ideas that correspond to how the environment is currently trending.   For example, I can see that cell phone accessories were created when cell phone usage was beginning to boom.   Predictions will be those ideas that are thought of outside of the box.   Trends and current factors will not necessarily be a part of their creation.   While ideas generated via forecasts are very useful and practical, when an idea created out of the box is found very useful it can be seen as more of a ...
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Scenario Planning versus Traditional Forecasting

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  Scenario Planning definition             According to Schultz Financial Group scenario planning is “The process of visualizing what future conditions or events are probable, what their consequences or effects would be like, and how to respond to, or benefit from them.”   An example would be visualizing the benefits and risks of making 4G communications everywhere.   Many people believe that the radiation created from this can cause cancer and would become a greater risk than reward.   Others feel that this information is false, and we would get a greater benefit than risk in faster telecommunications.   The other side of the coin needs to be examined as well.   What would happen if we continued using 3G and chose not to upgrade?   Would our communications suffer?   Would other countries that utilize 4G gain an advantage over us?   Trying to understand the many scenarios created by dec...
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