New Forecast Services Whitepaper available!
Freek Aertsen | October 03, 2013 |
Forecasting is an essential part of business planning and involves a wide range of functional areas such as marketing and sales, finance and logistics. A good forecast drives an efficient supply chain and improves service levels, cash flow and ultimately profitability. Forecasts can be acquired via statistics and/or judgment. Whereas a statistical forecast bases its projection of the future on realized results of the past by identifying trends, patterns, and business drivers within the historic data, judgmental forecasts rely on intuitive judgments, opinions, and probability estimates. The use of a statistical baseline makes the forecasting process reliable, efficient, transparent, fast and objective.