Forecasting In The 1990's

FORECASTING IN THE 1990’S By Mark J. Lawless Forecasts that are easiest to accept are those which fit with the management goals ... it is important to match the forecasting model not only to the data or situation but also to the culture of the organization for which forecasts are being prepared ... forecasters are now entering into new areas of exploration where both uncertainty and risk are high. Forecasting services have a derived demand function. The effectiveness and importance of forecasting is directly impacted by the ability of the forecaster to meet the needs of the forecast user -- most often some management function within accompany or organization. It follows that the forecaster must satisfy the expectations of managers. Their needs are being affected by a changing business environment and a dynamic set of shareholder and constituent group expectations. As the external environment operates, it will affect management’s forecast needs. Atthe1996Business Forecasting: Best Practices Conference in Chicago, a recurring theme in individual discussions and in the formal presentations was the changing world of the forecaster. Fewer resources, less time, downsizing, ...