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Understanding the forecasting process

Published on February 29, 2024   24 min

A selection of talks on Strategy

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0:00
Hello and welcome to today's session, Understanding the Forecasting Process. My name is Misty Eldridge, and I've been in the planning and forecasting arena for well over 20 years in a lot of different companies of different sizes. Today, we're going to take a look at the elements that go into an end-to- end structured forecasting process, from data to collaboration and consensus, and things to consider when presenting the forecast.
0:25
Our agenda is: we're going to talk about our process overview, we're going to dig into the details to understand, what, who, where, when, and why in the forecast process. Then, we're going to talk about the demand review or the consensus process.
0:42
When it comes to the forecasting process, we all have some pretty common concerns and issues about that process. Stakeholders and customers will likely have different expectations that they manage. they might need different timeframes or have different forecast uses, and may even have different priorities for use out of the forecast. Some examples of some of those concerns might be, what approach do we take for forecasting? Should we do a bottoms-up or top-down? Or should we do a middle-out approach? What kind of forecast do you need? Do we need a strategic forecast, a tactical or maybe a little more operational and executional? What are we trying to forecast? What is the horizon required? What are the acceptable levels of error? What are the expected error levels? What metrics should we use? Which product or service gets more attention? What level do we need to forecast? Do any of the answers change depending upon who is using the forecast? Many of you may already have a forecasting process,

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