We believe that forecasting is both a science and an art.
And success depending on never losing sight of these 4 features
To dramatically improve your company’s judgment, you will first need to expose just how unreliable its predictions and, the people making them really are. You need ensure you set up your analyst for success.
Harvard Business Review, May 2016
Forecasts contain key drivers that have probabilities and uncertainty, therefore the output should be a range based judgment. This allows the organization to better understand strategic options and react fast.
The key drivers are events in market that drive the forecast, incorporating the timings of these events is just as important as the events themselves.
Your forecast accuracy will be a reflection of your company’s internal communication skills. Integrating core functional areas is a major success driver.