So what's your forecasting methodology?
Let’s talk about forecasting over this week and next. It’s more important than ever in my opinion. Here’s my attempt at a Webster’s definition:
Forecasting is the process in which an organization produces a point estimate or ranged estimate of a particular business outcome. This process may include a number of different forecasting methodologies, data quality initiatives, triangulating qualitative inputs, and a communication strategy.
With the macroeconomic headwinds it’s worth tightening up your forecasting approach. If you feel pretty good about what you’re doing, it never hurts to see another mental model.
My forecasting process is fairly straightforward. It should be in the first place.
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It’s broken down into eight easy steps.
Reminder of forecast definitions for bottoms-up
Increase data hygiene by having the following fields meet your standards:
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