Practical

There are many practical considerations which need to be taken into consideration when building a forecast.

These practical considerations include a wide variety of elements such as :

• selection of variables to be modelled (Better to implement a limited forecast well, than an exhaustive forecast badly!)
• avoidance of complication within the model (leading to increased transparency)
• logging and filing of scenarios and the preservation of the ‘base case’ model
• generation of meaningful outputs from a forecasting model – this will include graphic outputs, but also non-numerical answers to business questions
• creation of relevant presentations which address the decisions to be made on the basis of the forecasting.

A good forecast will always assist a decision-maker by enabling them to understand the issues and options better.

A good forecast leads to a better decision.

For more information, please contact us.