Forecasting Tip #3 – Track your performance

If you want to get better at forecasting, you and your team need to take time to look at how good your last forecast was and why it differed from the actual outcome.

With the time pressures of working life, it is not surprising that this step is missed. But if you get into the habit of a quick review you’ll save time in the long-term.

Good questions to ask:

  • Was the actual outcome within your forecast range?
  • What did you not spot that came along?
  • Was this something that you could have known at the time?
  • Did it matter that you didn’t?
  • Do we understand our real drivers of performance?
  • What has happened that means that we should change our forecast?

Let us know what you think in comments below.

Forecasting Tip #2 – Always forecast a range of outcomes
Forecasting Tip #1 – Distinguish between forecasts and targets

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