November 2008
Beginner
448 pages
11h 33m
English
Content preview from Budgeting Basics and Beyond
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14.5. Steps in the Forecasting Process
There are six basic steps in the forecasting process. They are:
Determine the what and why of the forecast and what will be needed. This will indicate the level of detail required in the forecast (e.g., forecast by region, by product), the amount of resources (e.g., computer hardware and software, manpower) that can be justified, and the level of accuracy desired.
Establish a time horizon, short term or long term. More specifically, project for the next year or next five years.
Select a forecasting technique. Refer to the criteria discussed before.
Gather the data and develop a forecast.
Identify any assumptions that had to be made in preparing the forecast and using it.
Monitor the forecast to see if it is performing in a manner desired. Develop an evaluation system for this purpose. If not, go back to Step 1.
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