Tag: calculate forecast accuracy
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Spotlight on Forecast Accuracy
Forecast accuracy in turbulent times Forecast accuracy is one of those measures many finance professionals think and talk about. Turbulent times require companies to produce reliable and solid forecasts. Accuracy is a useful measure that helps finance managers assess the quality of the process (to a certain degree!). In late 2011, my good colleagues Mark,…
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An imaginary conversation with a weather frog
European folklore believed that frogs kept in a glass would be able to forecast the weather. People filled some water in the glass to keep the amphibian happy, and then added a small ladder. A climbing frog would indicate good weather, whereas a frog hanging out in the water would show bad weather. This belief…
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Poor forecast accuracy
Over the last few weeks three separate clients have expressed their frustration with inaccurate forecasts delivered by certain members of the salesforce. Nothing new here. It happens all the time. However, what struck me about these three independent cases was the nature of the issues: The salesforce consistently forecast higher than actuals. This is not…
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The case for continuous forecasting
Continuous Forecasting Time for a confession. I really hated forecasting back in my old job. Here I was working with clients on improving their planning, budgeting & forecasting processes. Yet, I absolutely hated doing my own forecast. It just didn’t feel right. What was wrong? Well, I never really understood the template that our controller…