"Forecasting and Planning" refers to the process of predicting future events or outcomes and developing plans and strategies to achieve these forecasts.
Data collection and integration: Capturing relevant data from various internal and external sources and integrating this data into the software.
Time series analysis: Analyzing historical data to identify trends, patterns, and seasonal effects that can aid in forecasting future events.
Modeling and simulation: Creating mathematical models and conducting simulations to evaluate different scenarios and their impact on future performance.
Forecasting algorithms: Using statistical methods, machine learning algorithms, and other techniques to generate accurate forecasts based on available data.
Budgeting and resource planning: Developing budgets and resource plans based on forecasted results and company objectives.
Planning and scenario analysis: Creating business plans and conducting scenario analyses to evaluate different decision alternatives and minimize risks.
Collaboration and workflow management: Enabling collaboration among different users and teams and managing workflows during the forecasting and planning process.
Reporting and analysis: Generating reports on forecasted results, deviations from plans, and performance metrics for monitoring and analyzing forecasting and planning activities.