Managing the forecasting function

The usage of formal statistical forecasting procedures has been shown in numerous studies to improve forecast accuracy and, consequently, organizational performance. However, the process of implementing and managing this technology can run into many stumbling blocks. Identifies six major organizational problems when implementing and developing formal statistical forecasting procedures. Provides solution strategies to these problems and discusses specific managerial implications. This information is important to managers in order to gain the greatest benefit from the forecasting function.