Articles

Institute of Management Accountants: Overcoming FP&A’s Biggest Challenge: Predicting the Future

The Institute of Management Accountants released a report that “is designed to serve as a guide for organizations trying to forecast what’s ahead in their markets”. It poses and expands on these 9 ways to improve forecasting in the future:

  1. Expand the data available
  2. Tools: Start small and add on
  3. Use scenario planning
  4. Address the knowing-doing gap
  5. Model Building: Think causality
  6. Establish data collection systems
  7. Improve assumptions and estimates
  8. Monitor results and quickly identify the business reasons behind variance
  9. Improve analytical skills

Read More at Institute of Management Accountants >

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