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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

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