What are the prerequisites of a good forecast? What will be an ideal

What are the prerequisites of a good forecast?

What will be an ideal response?

ANSWER

A forecast must be consistent with all aspects (parts) of a business. A forecast should be based on knowledge of the relevant past, unless underlying conditions change or there is no past to consider. A forecast must consider the economic and political environment in which businesses operate. A forecast must provide information in a timely manner.