3rd ICDC 1 The Third International Conference on Design Creativity (3rd ICDC) Bangalore, India, 12th-14th January 2015 CLASSIFICATION OF FORECASTING METHODS WITH RESPECT TO THEIR STRUCTURE SugandhMalhotra 1 , Prof. Lalit K. Das 2 and Dr. V. M. Chariar 3 1 Ph. D. Research Scholar, Indian Institute of Technology, Delhi 2 Ex- Head, IDDC, Indian Institute of Technology, Delhi 3 Professor, CRDT, Indian Institute of Technology, Delhi Abstract:Forecasting and Future mappingare indispensible methods used by researchers, strategists, leaders and visionaries to know possibilities for future and make arrangements to get prepared for the consequences. This is the foundation thought that supports universal harmony and sustainability at large. One aim of this paper is to identify a commonality among various forecasting techniques to identify an underlying structure and define a generalized and prospective forecasting process. Furthermore, different forecasting methods have their unique strengths and focus areas that define their application areas. This paper also aims towards discovering these specific focus areas and highlights convergence of various techniques to form a wholesome solution for more challenging tasks such as forecasting for a long term horizon or social forecasting. Keywords:Forecasting methods, future mapping, structure,business innovation 1. Introduction Technology and Culture reflect the time we live in. The products that we use indicate the available technology, materials, systems, manufacturing processes, and various needs that were considered while designing them. In a way, they are a reflection of the available resources and capabilities of thatspecifictimezone. Deeper study of evolution of technology indicates as the technologydeveloped, new materials became available, new needs came up, the products also evolved (Franssen 2009). Products associated with daily life give an overview of people’s life, society, their customs, belief system and culture. Taking a cue from the past, if we want to peep into the future, one of the possible approaches could be to project into the future of these available technologies and culture. This forecasting approach is based on the current capabilities, developments in technology and areas of active scientific research. Future visions help generate long-term policies, strategies, and plans, which help bring desired and likely future circumstances in closer alignment with the present potentialities. Businesses use futures mapping methods to enhance understanding of future markets. Social leaders use them to develop and test both possible and desirable future visions (Glenn 2000). Furthermore, the use of future methods enhances anticipatory consciousness, which in term improves the foresight to act faster or earlier making the organization or individual more effective in dealing with change. (Glenn 2000). Any institution that takes care of present while planning for future, is more