Here is a four-stage approach to financial forecasting. I urge you to seriously consider adopting at least level 1, then next look at how layering on the other stages might transform your approach to business planning. The four stages are: (1) Multiple Forecast Inputs, (2) Marco Polo, (3) Driver-based forecasting,
How do you know when you’ve given a great presentation? When someone remembers it a year later and writes a blog post about it. That great presentation in this case was given by Erik DaRosa, Director of Global FP&A for Avon, who spoke at the IE Group’s Financial Forecasting Conference this time last year
I was under the impression that Black Swans were supposed to be rare. Rare enough to be effectively non-computable by standard methods. Nassim Taleb’s formulation of the Black Swan Theory is comprised of the three traits of: outlier (rarity), extreme impact, and retrospective predictability (i.e. 20/20 hindsight). I write this
How important is accurate telecom forecasting? Sitting through another presentation this week on the explosive growth of mobile data, and the eye-popping statistics about how many Facebook and Twitter users there are, I can’t help but be excited by the possibilities. But I also have this feeling of déjà vu
With the exception of the occasional James Bond movie that proves the rule, we don’t as a matter of course combine our modes of transportation into one all-purpose vehicle. But when it comes to financial management, there is one tool , commonly called the Budget, that gets applied to all
With the exception of the occasional James Bond movie that proves the rule, we don’t as a matter of course combine our modes of transportation into one all-purpose vehicle, and we even tend to park our cars, boats and planes in separate facilities. But when it comes to financial management,
Creating an accurate forecast begins by reviewing history. But what if you haven’t collected data that can act as a good representation of what to expect? That was the challenge facing Arthur Kordon, Leader of the Advanced Analytics Group, The DOW Chemical Company in 2009. The 2008 crisis hit like
~ Contributed by Mike Gilliland ~ If we know the future demand for our products or services, we will only invest in the resources, capacity, materials, and staffing that will most profitably satisfy that demand. But we don’t know the future, so we have to forecast…and that’s where the trouble
Next up in the SAS Applying Business Analytics Webinar Series is Forecasting 101! This Webinar is appropriate for anyone involved in the creation, review or utilization of forecasts: demand planners and forecast analysts who generate forecasts; managers in sales, marketing, finance and operations; and executives who oversee the forecasting and
Over 80 banks in America have been closed down this year and others have announced higher trading losses amidst increased regulatory scrutiny. Finland was the first country to announce a double dip recession. Northern Rock cut 650 jobs as part of their restructuring efforts. We’re obviously not out of the
