The forecasting function: critical yet misunderstood

Article Abstract:

Forecasting remains a crucial function in businesses. However, it is also one of the most misunderstood functions in corporate America. This is because less attention has been paid to the business knowledge and interpersonal and communication skills side of the forecasting profession. Organizations can strengthen their forecasting functions through considerable investment and commitment and the acquisition of efficient forecasting tools, preferably those that are interactive.

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What to look for in a forecasting engine

Article Abstract:

Companies should consider various issues in the development or acquisition of a forecasting engine. The engine must be user-friendly and must contain other information needed for decision-making. It must provide users with the necessary flexibility in platform selection. It must also be able to handle information even with the existence of unique variables. Finally, users must be allowed to manage all aspects of the forecasting process.

Management science, Models, Forecasting

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Understanding the gap between theory and practice

Article Abstract:

Four areas which help create the gap between forecasting theorists (academicians) and practitioners (preparers of forecasts) are examined. This gap between theory and practice normally exists among academicians, practitioners and users. The four areas responsible for creating this problem are the technical gap, data requirements, the bias corporate needs and communication gap.

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