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The Little Book of Big Decision Models by Dr. Jim McGrath

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MODEL 62

GAP ANALYSIS: CLOSING THE GAP BETWEEN FORECAST AND TARGET

Use this to close the gap between forecast and target.

Gap Analysis is often incorrectly described as the difference between where you’re currently at and where you want to be. According to John Argenti, Gap Analysis is actually concerned with the difference between your forecasts and your targets. But aren’t forecasts and targets the same? Well no actually.

A forecast is constructed using past performance data and the best information available at the time it’s produced. Because it looks to the future it can never be entirely accurate. It’s the best estimate that people can make at the time and is often produced as a rolling three-year figure which is updated as the organisation’s ...

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