<aside> 📝 Looking at forecasting, some of the strategies, types and pitfalls. Though we have focused on Contact Centre type volumetrics, forecasting standardisation generally exists across most departments and industries.
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Numerous variations of the four pillars exist, these are base requirements to be met to run a truly successful forecast.
Breaking down forecasts into the component parts, long term, short term etc.
Forecast accuracy is the degree of accuracy in which a forecast is made. It is usually measured by calculating the difference between the actual and forecasted values and is expressed as a percentage. Forecast accuracy can be affected by many factors, such as seasonal fluctuations and changes in demand.
Triple S refers to the three components of a good forecast: it should be specific, measurable, and achievable. In other words, a good forecast should be clear about what it is predicting, should be quantifiable so that it can be evaluated, and should be realistic given the available data and resources.
Predictive analysis is the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. It involves using data to make predictions about future events or behaviours. Predictive analysis can be used in a variety of fields, including finance, healthcare, and marketing, to help forecast trends, identify patterns, and make informed decisions.
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