For those of you on LinkedIn, be sure to sign up for the Institute of Business Forecasting and Planning discussion group. This is an active (and addictive) forum for sharing information and perspectives on a wide variety of forecasting & planning topics. The following question was posted by Reno DiGenova, the VP – Replenishment,...
Forecasting performance objectives are usually set in one of three ways: Relative to “best-in-class” industry benchmarks. Improvement over prior year performance. Arbitrarily – based on what management wants or needs to happen. All three are wrong. There are many perils in relying on industry benchmarks to set your own organization’s performance objectives, the most...
Our ability to forecast was met with increasing skepticism in 2010 – and this is a good thing. A decade ago, the thrill of technological innovation provided hope that more data, bigger computers, and fancier models would one day solve all our forecasting problems. Yet we now have more data, bigger computers, and fancier...
Below details Questions & Answers from IBF’s Webinar “What Management Must Know About Forecasting.” If you missed it, no worries. You can view it complimentary by clicking HERE. 1. If a product is not forecastable, what’s the most appropriate step to move the product to become forecastable? Answer: The most effective way to improve...
Are there some things you wish your organization’s management knew about forecasting? Those of us who have served time in the forecasting profession know that “serving time” is an apt description of the job. Being a business forecaster is sort of like being in county lock-up – without the benefit of free meals, charming...
My thanks to Constance Korol for the invitation to guest-blog on IBF’s site. It is quite the pleasure to follow Tom Wallace, one of my favorite thought-leaders in the field, and a true giant in S&OP (even if not a true giant in stature). If you are one of the few people in this...