Maintaining an Updated Forecast

  • by Rhyan Walcott

You can keep your company’s forecast updated and present by constantly tracking and observing the moving averages (MA). The length of the forecast should range from between three to five years. The calculated moving averages should be observed and updated as new data comes in or is available through this 3-5 year period.

You can set seasonal benchmarks, every three months in which any new data would be collected and recalculated. This would help ensure that randomness in the data is accounted for and eliminated, which would allow the forecast to be even more precise. By constantly reevaluating assumptions and its effect on a company’s long term plans, you can work to ensure that the company is taking the correct steps and measures in regards to strategic planning.

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