November 11th, 2020
Elements Affecting the Forecast Quality: People
The team involved in the forecasting process has a huge role to play in the quality of your forecast. Consider the following when planning for your forecast:
- Involvement: Who are you involving in the forecasting process, and how well do they know the data you are asking them to forecast for? Can you involve the people closest to the information in the process to provide better quality information?
- Accountability: Are the people involved in the forecasting process accountable for their forecasts? If they are held accountable to put in high-quality information, they are more likely to.
- Time: How much time are you giving your team to forecast? Forecasting is often an additional responsibility on already-busy team members. Ensure you carve out enough time for your team to think about the forecast and provide high-quality data.
As you prepare for your next forecast – especially in a turbulent economy – ensure the three points above are considered as you build out your forecasting team.