You're mid-career and looking to improve your forecasting skills. What's the best way to do it?
If you're mid-career and looking to improve your forecasting skills, you might be wondering what's the best way to do it. Forecasting is a crucial skill for any business professional, as it helps you plan, manage, and evaluate your performance and strategy. However, forecasting is not a one-size-fits-all process, and it requires constant learning and adaptation. In this article, we'll share some tips and resources to help you enhance your forecasting skills and stay ahead of the curve.
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Nikit Nathani (Pursuing CPA)Elevating businesses through expert outsourced accounting and strategic controller services, driving sustainable…
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Abdul Qader HotakManagement Consultant | Project Management Specialist | Data Analyst | Structural Engineer (M.Tech - PMP®)
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Odair Martins BertoBusiness Developer @ RWM MOTORS DO BRASIL Founder of RWM HOLDING
The first step to improve your forecasting skills is to assess your current level and identify your strengths and weaknesses. You can use self-assessment tools, such as the Forecasting Skills Inventory, to measure your knowledge, skills, and abilities in different aspects of forecasting, such as data analysis, modeling, communication, and judgment. You can also ask for feedback from your peers, managers, or mentors, and review your past forecasts and their accuracy. This will help you set realistic and specific goals for your improvement and track your progress.
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Continuous Learning: Enroll in advanced courses or workshops focused on forecasting techniques, data analysis, and predictive modeling. Platforms like Coursera, Udemy, or LinkedIn Learning offer a plethora of courses tailored to various skill levels. Mentorship and Networking: Connect with seasoned professionals in your field who have strong forecasting skills. Seek mentorship opportunities to learn from their experiences and gain insights into effective forecasting strategies. Networking events, industry conferences, and online forums are great avenues to meet potential mentors.
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*Understand your data sources: Forecasting relies on good data. Dig into where your data comes from and how reliable it is. Look for inconsistencies or areas that might need cleaning *Gather a wide range of data: Don't just rely on historical sales figures. Consider customer feedback, marketing campaigns, competitor analysis, industry trends, and even external events that might impact your field.
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Additionally, reviewing past forecasts and their accuracy can help identify areas for improvement. Once you've identified areas to focus on, setting realistic and specific goals allows you to track your progress effectively. Enroll in different types of courses that are available over Linkedin, Udemy or coursera.
The next step to improve your forecasting skills is to learn from the experts in your field or industry. You can find online courses, webinars, podcasts, books, and articles that cover the latest trends, techniques, and best practices in forecasting. For example, you can check out the Forecasting Principles website, which offers a comprehensive collection of resources and guidelines for effective forecasting. You can also join professional associations, such as the International Institute of Forecasters, and network with other forecasters, exchange ideas, and attend events and conferences.
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Use the tools provided by professionals in the field to improve your predicting abilities. To learn about the latest methods and trends, look into online classes, webinars, podcasts, and books. The website for Forecasting Principles is one such platform that offers helpful recommendations. Join groups like the International Institute of Forecasters to meet other professionals in the field, exchange ideas, and go to industry events. Improving one's skills and knowledge may be achieved via learning from more seasoned professionals.
The third step to improve your forecasting skills is to practice them regularly and apply them to real-world situations. You can use online tools, such as the Good Judgment Project, to participate in forecasting tournaments and competitions, where you can test your skills against other forecasters and learn from their feedback. You can also use software, such as Excel, R, or Python, to create and update your own forecasts, using data from your organization or industry. You can then compare your forecasts with actual outcomes and analyze the sources of error and uncertainty.
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Regular practice is key to improving one's predicting abilities. Participate in realistic situations on sites like the Good Judgment Project, where you may compete and get comments to help you improve. Build and fine-tune predictions utilizing pertinent data using tools like Python, R, or Excel. In order to improve accuracy and comprehend uncertainties, it is recommended to compare predictions with actual results on a regular basis and analyze any inconsistencies. Proficient and versatile forecasting is the result of constant application and study.
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Morra e renasça. Ouvi isso uma vez só. E a forma de entender e aplicar esta filosofia oriental varia entre indivíduos. Eu entendo como encorajamento para se expor a realidade das críticas e incertezas das suas convicções. O mundo não acaba quando seus erros são expostos, mas todos reconhecem que vc tem personalidade e autoestima para agir da mesma forma, com mais maturidade da segunda vez.
The fourth step to improve your forecasting skills is to seek feedback and improvement from yourself and others. You can use self-reflection tools, such as the Forecasting Performance Review, to evaluate your forecasting process and outcomes, and identify what worked well and what needs improvement. You can also ask for feedback from your colleagues, clients, or stakeholders, and listen to their opinions and suggestions. You can then use the feedback to adjust your methods, assumptions, and expectations, and improve your accuracy and reliability.
The fifth step to improve your forecasting skills is to stay updated and curious about your field or industry, and the factors that affect it. You can use online platforms, such as Google Trends, Twitter, or Reddit, to monitor the latest news, events, and opinions that might influence your forecasts. You can also use online databases, such as Statista, World Bank, or OECD, to access reliable and relevant data and statistics that might support or challenge your forecasts. You can then use the new information to update and revise your forecasts, and explore different scenarios and possibilities.
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Stay curious. This is perhaps the best skill one can have. Once you’re curious and are willing to ask questions you will definitely master any area/skill you’re interested in. Most of the freshers I have seen throughout my professional career are either afraid to ask questions because they think it will degrade them in the eyes of the team, or they think that what they already know is enough to get the work done. While it’s not the case with estimating project costs and creating forecasts based on current performance. The dynamic and rapidly growing world of project management requires us to look at problems from various perspectives and seek others’ ideas. This will enable us to solve the multi-dimensional problems in today’s world.
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Continuous Learning: •Stay updated on industry trends: The business world is constantly evolving. Follow industry publications, attend seminars, and network with other professionals to stay ahead of the curve. •Seek feedback and iterate: Forecasting is rarely perfect. Regularly review your forecasts and see how accurate they were. Use that information to refine your approach over time.
The sixth step to improve your forecasting skills is to share your insights and value with your organization and industry. You can use online tools, such as Tableau, Power BI, or Canva, to create and present your forecasts in a clear, concise, and engaging way, using charts, graphs, and dashboards. You can also use online platforms, such as LinkedIn, Medium, or Quora, to publish and promote your forecasts, and showcase your expertise and credibility. You can then use your forecasts to inform and influence decision-making, strategy, and innovation.
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1. The Growth Mindset Perspective: A growth mindset, as popularized by psychologist Carol Dweck, emphasizes that abilities can be developed through dedication and hard work. This mindset is crucial for improving forecasting skills. 2. Diverse Learning Channels: Learning isn't limited to formal education. It happens through various channels: books, podcasts, webinars, conferences, and even casual conversations. 3. Data-Driven Learning: Forecasting relies heavily on data analysis. 4. Feedback Loops and Reflection: Feedback accelerates learning. Regularly reviewing past forecasts and outcomes provides valuable insights. 5. Interdisciplinary Insights. 6. Scenario-Based Learning. 7.Learning from Failures. 8.Holistic Learning Ecosystems.
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Choose the Right Tools: •Learn about different forecasting methods: There's no one-size-fits-all approach. Explore techniques like moving averages, exponential smoothing, or regression analysis to see which works best for your situation. •Leverage software and models: Many software programs can help you analyze data and build forecasting models. Explore what's available in your field . Communication is Key: •Clearly communicate your forecasts: Don't just present numbers. Explain the assumptions you made and the limitations of your forecast.
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