The changing role of sales forecasting within the organization

Article Abstract:

Companies are reconfiguring their sales forecasting and market analysis departments in light of the increasing role of information in the business environment, particularly in achieving competitive edge. The sales forecasting process has evolved in the last several years to become a segmented field with two different roles. These are 'tactical' or demand forecasting and 'strategic' or decision-support forecasting. These elements of the sales forecasting process should be able to collect all significant information necessary to reach a workable decision-support analysis.

Analysis, Management, Sales forecasting

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The realities of business forecasting

Article Abstract:

Most business forecasters wrongly assume that executive management groups do not understand mathematical models. This attitude hinders a simple and more accurate explanation of the business situation. To be more effective, business forecasters must employ the most suitable and practical theoretical framework. They should improve their statistical skills, focus on the crucial factors that directly affect business and identify uncertainties. Forecasters should also compare and analyze data from different departments.

Usage, Evaluation, Mathematical models

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Business forecasting: a process not an application

Article Abstract:

The high rate of business forecasting errors, despite advances in hardware and software technology, is traced to the misplaced focus on applications or mathematical modelling rather than the forecasting process. Four elements of the forecasting process are identified and briefly described. The various functional areas of a firm are required to support all these elements so the forecasting process will be successful.

Decision-making, Decision making, Planning

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