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Forecasting Methodologies

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Describe forecasting methodologies and how they can ultimately be utilized to improve on the fortunes of those companies that become adroit with this skill set. How can it strategically advantage the organization? What are key factors for implementation?

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This posting describes forecasting methods and how these can give a company strategic advantage.

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In project management forecasting refers to the forecasting of discrete events, forecasting of a large group of activities, or the technology used for forecasting. The methodologies include qualitative and quantitative. When no dependable, historical, or statistical data is available qualitative methods are used. These include the Delphi method, the expert opinion approach, and the market survey method. However, when historical or statistical data is available quantitative methods are used. The quantitative techniques used are casual methods and time series analysis. When doing a time series analysis for a project the workings analyzed are trend, cyclic, and random ...

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Kasim Johar, MBA
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  • BSc, University of Calcutta
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