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• W209886741 abstract "It is now a common practice among many large corporations to hold a monthly meeting to discuss the forecasting numbers. The purpose of the meeting is three fold: One, to allow all the functional heads including marketing, finance, production and sales to participate. The more they participate in the forecasting process the more they are likely to accept and use the forecasts. No matter how good the forecasts are, if they are not accepted and used, they are useless. Two, to obtain from different functional heads up-to-the last minute information which could impact forecasts. Although the forecaster obtains all the pertinent information at the time of preparing forecasts, some information might not be available at the time or overlooked for one reason or another. The monthly forecast meeting provides a vehicle to incorporate the missing information. Three, it helps to build a consensus among different functional heads. It would be chaotic if different departments use different forecasting numbers -- marketing uses one set of forecasting numbers, production uses another set of numbers, and finance uses numbers different from the other two. In developing a consensus, statistical forecasts are used as baseline forecasts. The forecasts are adjusted upward or downward depending on the consensus of the group. The Director of Marketing, who usually chairs such a meeting, guides the members ofthe Forecasting Committee in building a consensus. FORECAST MEETING The forecast meeting involves: Presenting forecasts, reviewing forecasts, and building consensus. Presenting Forecasts Forecasts are presented by a professional forecaster. To be a good forecaster, one has to know not only how to prepare forecasts but also how to present them. Good presentation makes the difference. It can turn even skeptics into believers. Here are a few tips for presenting forecasts: 1. Present forecasts in a simple and jargonfree language. The more they understand the more they will appreciate and use the forecasts. When making a presentation, adhere to the terminology the company uses, and the culture and philosophy it maintains. 2. Specify assumptions made in preparing forecasts -- assumptions about price, advertising spend, number of new products to be introduced, and so on. 3. Give forecasts in as much detail as possible. This way anyone looking for a forecast at a category level, SKU level or by region can find it. 4. If forecasts deviate substantially from the norm, give reasons. 5. In some situations, forecasts under different scenarios may be necessary. If you expect a strike, shortage in the supply of a basic raw material, or entry of a new competitor into the market, you will be better off to give forecasts under different scenarios. Sales will be such and such if there is a strike, such and such if the shortage of a raw material occurs, and so on. 6. Make sure that the forecasts are internally consistent, that is, each column adds up correctly. Many users have a built in suspicion about forecasts.Don't give them another chance to question your numbers. 7. Give your forecasts along with actuals. This will help to see where we are and where we are going. This is how we did in the first six months of the year and this is how we expect to do in the remaining six months. 8. Standardize the format of your forecasting report. This makes it easier to find where each forecast is listed and what each number stands for. …" @default.
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• W209886741 title "Monthly Corporate Forecast Meeting" @default.
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