The recent crisis in the financial markets has exposed serious flaws in management methods. The failure to anticipate and deal with the consequences of the unfolding collapse has starkly illustrated what many leaders and managers in business have known for years; in most organizations, the process of forecasting is badly broken. For that reason, forecasting business performance tops the list of concerns for CFO?s across the globe.
This book sets a set of simple strategies that any organization can use to master the process of forecasting. The key message of this book is that while no mortal can predict the future, you can take the steps to be ready for it. ?Good enough? forecasts, wise preparation and the capability to take timely action, will help your organization to create its own future. Conventional budgeting does not give managers the visibility they need to steer businesses in an increasingly turbulent world, indeed the budgeting mindset is one of the things that undermines good forecasting.
Written in an engaging and thought provoking style, “Future Ready” leads the reader to answers to questions such as:
- What makes a good forecast?
- What period should a forecast cover?
- How frequently should it be updated?
- What information should it contain?
- What is the best way to produce a forecast?
- How can you avoid gaming and other forms of data manipulation?
- How should a forecast be used?
- How do you ensure that your forecast is reliable?
- How accurate does it need to be?
- How should you deal with risk and uncertainty
- What is the best way to organize a forecast process?
- Do you need multiple forecasts?
- What changes should be made to other performance management processes to facilitate good forecasting?
“Future Ready” is a guide and a source of insight and inspiration for practicing managers who recognize that their forecast processes are broken and need fixing.
For our community it is an implementation guide for those who have decided to start their Beyond Budgeting journey here. For potential implementers having to deal with skeptical managers or those who are fearful of letting go, Future Ready helps chart a ?safe? course to a world without budgets.
Will make a difference to the way you think about forecasting going forward
– Howard Green, Group Controller Unilever PLC
Great analogies and stories are combined with rock solid theory in a language that even the most reading-averse manager will love from page one
– Bjarte Bogsnes. Vice President Performance Management Development at Statoil
A timely addition to the growing research on management planning and performance measurement.
– Dr. Charles T. Horngren, Edmund G. Littlefield Professor of Accounting Emeritus Stanford University and author of many standard texts including Cost Accounting: A Managerial Emphasis, Introduction to Management Accounting, Financial Accounting
In the area of Forecasting, it is the best book in the market.
– Fritz Roemer. Leader of Enterprise Performance Executive Advisory Program, the Hackett Group
To buy go to Amazon.com