Academy of Entrepreneurship Journal Volume 27, Issue 4, 2021 1 1528-2686-27-4-553 Citation Information: Shahriar, M.S., Hasan, K.B.M.R., Hossain, T., Beg, T.H., Islam, K.M.A., & Zayed, N.M. (2021). Financial decision making and forecasting techniques on project evaluation: a planning, development and entrepreneurial perspective. Academy of Entrepreneurship Journal (AEJ), 27(4), 1-7. FINANCIAL DECISION MAKING AND FORECASTING TECHNIQUES ON PROJECT EVALUATION: A PLANNING, DEVELOPMENT AND ENTREPRENEURIAL PERSPECTIVE Mohammad Shibli Shahriar, Daffodil International University K.B.M. Rajibul Hasan, Agrani Bank Limited Tanzina Hossain, Daffodil International University Tahrima Haque Beg, Sher-e-Bangla Agricultural University K.M. Anwarul Islam, The Millennium University Nurul Mohammad Zayed, Daffodil International University ABSTRACT The application of forecasting techniques as part of project evaluations is an indispensable task as without applying proper forecasting procedure, appropriate financial decision making could not be achieved. The current study attempts to lay down a comprehensive account of the available forecasting techniques that aid a given project with its financial decision-making requirements. Through a comprehensive literature review, it has been found that a numberof forecasting techniques are applied in making appropriate financial decisions as part of project evaluation. The technique of “Markov PERT” analysis has recently been used to accurately assess the time of project completion and the cost at completion. It has also been revealed that the application of hybrid algorithms and the use of artificial intelligence is growing for accurate forecasting results. However, it is found that in evaluating a project, the success of the application of various financial forecasting techniques such as NPV, ARR, IRR, Payback Period, Support Vector Machine, Monte Carlo Simulation, S curve and others, essentially depends upon the project nature and environment. It is, therefore, recommended that financial decision making should not only be done based on statistical error margins but only on the reliability of the warning signals as generated by any forecasting techniques. Keywords: Forecasting Techniques, Project Evaluation, Financial Decision-Making, Financial Forecasting. INTRODUCTION In today’s uncertain business environments, project managers and financial experts are continually pressed to take appropriate decisions by using the various forecasting techniques available (Wang et al., 2018). The methodology of forecasting, as applied in conjunction with the requirements of project evaluation, forms the groundwork, which decides the motivation for the project sponsors, management team and other stakeholders to pursue or reject any given venture. Without the aid of the various forecasting techniques, the necessary cost-benefit analysis of any project could not have been accurate, and it thus provides a reason to study the available literature on project evaluation and forecasting. Despite being widely acknowledged as a critical and mandatory technique, the appropriate use of forecasting methods is often disregarded by many project managers, on account of credibility issues. As noted by Wang et al. (2018), in