What Management Must Know About Forecasting
Forecasts never seem to be as accurate as you would like them, or need them, to be. As a result, there is a temptation to throw money at the problem in hopes of making it go away. There are plenty of consultants and software vendors willing to take that money in exchange for lots of promises, but are these promises ever fulfilled? How many organizations are you aware of – perhaps even your own – that have thrown thousands or even millions of dollars at the forecasting problem, only to end up with the same lousy forecasts?
The questions boil down to:
- Why do forecasts always seem to be wrong and sometimes terribly wrong?
- Is there anything you can do about it?
This white paper explores why forecasting is often poorly done and provides some ways to improve it. Continue reading to learn what management must know about forecasting.