Importance Of Forecasting In Tourism And Hospitality Business

Abstract

This article analysis the importance of forecasting in tourism and hospitality. In addition, the main task of the article is to forecast the economic processes associated with the sale of services and products in the regions and tourist facilities, identify future trends and factors affecting tourism, forecast the development of tourism infrastructure, integration into the international tourism market, pricing policy, international tourism, an in-depth and extensive study of issues such as the role of research in development. Financial and social forecasting in a market economy is the logical forecast of things to come dependent on the past, the laws of improvement, patterns of the present, and the meaning of future advancement objectives and targets. Forecasting is vital in the hypothesis and practice of dealing with the nation's economy. The travel industry ought to make a solid financial reason for the new statehood, which is resolved to move to market relations, to utilize every one of the assets, to carry the economy into the positions of prosperous, economically developed countries.