Definition of technology forecasting seeks to provide estimates of developments, which are likely to occur in the future. These forecasts provide management with a basis for deciding which technologies are about to be overtaken by new developments.
Technological forecasting helps deciding research directions and priorities and it introduces a wide range of factors into the decision making process.
Definition of technology forecasting
Technological forecast is not a plan. It is a tool for planning future and decision-making.
According to Marktand and J. Telsang, “A technological forecasting is a prediction with a level of confidence of technical achievement in a given time frame with a specified level of support.”