"Forecasting and Planning" refers to the process of predicting future events or outcomes and developing plans and strategies to achieve these forecasts.
Typical functions of software in the "Forecasting and Planning" domain include:
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.