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Forecasting Process

A forecasting process provides a mechanism for soliciting participation from individuals who have knowledge of future events and compiling it into a consistent format to develop a forecast. The forecasting process concentrates defining how information will be gathered and reconciled into a consistent picture of the future. In cases where a statistical forecast is used the process will also define how much weight should be given to the mathematical models versus input from participants to develop the final consensus forecast.

 

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