The Business Forecasting Process - 766 Words

Business Forecasting What are the ramifications if one or more of your projections or forecasts do not hold true? What will you do if, during implementation, you find that you overstated your projections? How does sensitivity analysis relate to contingency planning? What are several risk mitigation strategies that you could implement to desensitize these variables? Of the many strategic and tactical uses of forecasting, the most critical from a cost standpoint is to mitigate risk and optimize potential revenue gains over time. The best forecasting frameworks and implementations balance risk mitigation and optimized revenue levels to stabilize the entire value chains of businesses (Hanafizadeh, Moosakhani, Bakhshi, 2009). The forecasting process over time can become an indispensable aspect of any broader strategic and knowledge management process including serving as a highly effective system of record (Kahn, Adams, 2001). Forecasting processes that resonate with reliability and serve as the foundation of their businesses also have tolerances defined to compensate errors in reported results (Jain, 2003). When a forecast is missed or not accurate, the best forecasting systems have tolerances or ranges of performance defined that can also be used for managing supply chain, production, pricing and services levels as well (Jain, 2003). The same holds true for overstated projections and the need for continually evaluated in terms of their reliability and validity. TheShow MoreRelatedEssay about Business Forecast1444 Words   |  6 PagesBusiness Forecast This Paper examines and compares various forecasting techniques used for qualitative and quantitative business forecasting and their use in Firstlogic Inc., to forecast the demand under conditions of uncertainty. 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In addition, through the analysis of the content presented in this paper, readers will be able to understand each aspect involved with the topic in discussion as well as its application against the competitive business market faced by companies worldwide. More importantly, by analyzing the content presented in this research paper, readers will also be able to learn and comprehend that when well applied, forecasting methods withinRead MoreSeason Your Data w ith Theory and Common Sense in Nate Silvers Book, Signal and The Noise1343 Words   |  6 Pageskeynote speaker was Bill Whiteside, who is a founder of Demand Solution Northeast, which markets and supports the Demand Solution suite of forecasting and supply chain management software in the Northeast US. He is a graduate of the University of Notre Dame and a professional member of APICS. At that dinner event, he presented twelve supply chain forecasting lesson from â€Å"The Signal and The Noise.† The Signal and The Noise book is about the overwhelming proliferation of data and how so much of that