Forecast preparation

Almost all managerial decisions are based on forecasts. Every decision becomes operational at some point in the future, so it should be based on forecasts of future conditions.

Forecasts are needed throughout an organization -- and they should certainly not be produced by an isolated group of forecasters. Neither is forecasting ever "finished". Forecasts are needed continually, and as time moves on, the impact of the forecasts on actual performance is measured; original forecasts are updated; and decisions are modified, and so on.