How To Select A Dedicated Forecasting Software

HOW TO SELECT A DEDICATED FORECASTING SOFTWARE By David P. Reilly Before you start searching for the right software, determine your forecasting needs … forecasting software should accommodate your forecasting process and not the other way around … forecaster must have a working knowledge of forecasting models, diagnostic tools, and error metrics. W W hile many forecasters use spreadsheet applications, many have found the benefits of using dedicated forecasting software (DFS). The search for such forecasting software should result in a solution that best suits a particular company’s needs, circumstances, and expectations about the future. Simple forecasting problems lend themselves to less formal approaches and to simpler methods. Complex forecasting problems require more organized forecasting processes and statistical methods. Furthermore, they necessitate the use of more sophisticated tools and more complex solutions. DFS is an essential tool for a forecaster. The basic question is how one should search for and evaluate such a forecast software solution? FORECASTING NEEDS A dedicated forecasting software solution can support a company’s need for data collection, analysis, ...