With PM, a planner selects a subset of data on which to base a prediction and the number of periods to be forecasted. The software analyzes the data, taking past trends and seasonal patterns into account, applies the most appropriate statistical technique, and generates a benchmark forecast within moments. The benchmark forecast may be used as a “reality check” against other submitted forecasts. The application provides error and confidence rates for each forecast, enabling the organization to make informed decisions about the information being presented. Forecast results can be used to seed plans and budgets, and for comparison against actual results.
PM’s forecasting capabilities:
- Generate statistically accurate benchmark forecasts, even if you don’t possess statistical expertise.
- Compare statistical forecasts against user-submitted plans and budgets to eliminate the likelihood of game playing.
- Uncover trends, seasonality, and other performance variations, and display them graphically for improved comprehension and insight.
- Enable early-warning email alerts to notify management when gaps between performance goals and forecasted performance are projected, allowing timely corrective action to be implemented.
- Use results to set realistic business performance expectations for employees, management, shareholders, and others.