Business as an Art of Prediction for the Better (Essay Sample)

BUSINESS IS THE ART OF PREDICTING THE FUTURE AND GETTING BENEFIT FROM IT
The most appropriate way to know if an idea is right is to asses if it brings the real picture of the future. I comes as a surprise when we come to learn the individuals, the techniques and concepts that keeps track of the not so obvious foretold facts brought about by the course of events.
The society wins when they can appropriately see the future in the perfect angle, this applies in all transactional perspective; be it trading in shares, formulating policies, introduction of new goods and services or simply conducting a simple day activity. The bad news is that many people are poor in appropriately predicting the future.Profesor Philip Tetlock of Wharton in His study, super forecasting: The Art and Science of Prediction Hardcover September 29, 2015 showed us that even those considered professionals are barely the best.
Prediction is the unique ingredient of success, without prediction we are bound to fail and cannot prepare adequately for the future. The society in all aspects is rapidly changing, every tomorrow presents itself with a new challenge and opportunity.
In 1975, Alan Hald, a banker in Arizona in his interests in the future attended a world Future Society Conference. At this time computers were an expensive affair and only huge businesses and governments could afford them. Hald saw that many businesses would need computers in the future as compared to the past. This made him establish a computer distribution point and currently he is reaping big from appropriately predicting the future.
Businesses borrow a lot from foresight, this applies in the identification of new products and services that will actually fit the contest of the future, how those products and services will be presented to the market appreciating the rapidly changing environment. When a marginalized group no individuals in a community promises to increase, a grocery in the neighborhood will choose to stock more foodstuff that are linked to ethnical tastes. The directorate of a tourism department in a state will be up to date with the emerging trends in computerized systems to make exhibitions more exiting especially to youthful guests.
Foresight and perfect predictions brings us to possible risks and threatening features and this gives businesses an opportunity to prepare and deal with the adequately before that time comes. A general manager of an institute might analyze the future and predict the increase in housing rent, this will definitely affect the availability of skilled manpower as the demographics will be greatly affected. The institute can decide to arrange housing for their skilled workers so that when that time comes, the manpower will not conflict with the situations in the market.
Business is not all about money, it includes even the social factor. It is important to note that businesses affairs is not only to business institutions and corporates, this also brings on board all the institutions in the society. The government must be up to date wit...