How to fine-tune your project forecasts for unparalleled accuracy
Christopher Dunford
Joe Banks
This article is part of Bain's 2023 CEO Sustainability Guide
Explore the rerportThe uncertainty of the economy, the complexity of running projects in a large business, or simply the difficulty of predicting human behavior, make project forecasting increasingly challenging.
Why? Why 2?
Indeed, a 2022 survey by PMI found that 71% of project managers are concerned about the accuracy of their project forecasts. So how do you ensure your plans are as accurate as possible?
Chances are, if you’re familiar with Tempo, you’re familiar with what project forecasting is. But, in the spirit of completeness, we asked our local friendly AI to give us a summary:
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Plan for uncertainties
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The uncertainty of the economy, the complexity of running projects in a large business, or simply the difficulty of predicting human behavior, make project forecasting increasingly challenging.
Indeed, a 2022 survey by PMI found that 71% of project managers are concerned about the accuracy of their project forecasts. So how do you ensure your plans are as accurate as possible?
An example of subscript is N2. Superscript is the small letter / number above a particular letter / number. An example of superscript is 25. The number 5 above the number 2 is an example of superscript.
Best practices for accurate project forecasting
Start early and update often
The earlier you start your forecasting, the better. But remember, forecasting is not a one-time event; it's an ongoing process. Keep revisiting your forecasts to adapt to changes and make sure you're still on track, and your data is accurate.
Use historical and real-time data
Combining historical data with real-time updates provides a comprehensive view for better forecasting. While past projects offer invaluable insights into timelines, resource allocation, and potential pitfalls, real-time data keeps you agile. It allows you to adapt to any immediate changes in your project's landscape. This blended approach ensures your forecast is both grounded and flexible.
Forecasting shouldn't be a solitary task. Involve team members, project managers, and key stakeholders to get a well-rounded perspective. This creates a more inclusive and thorough forecast. Communicate early and often to gather feedback and continuously improve.
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Perform scenario analysis
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Whether it's resource allocation changes, budget fluctuations, or unexpected market shifts, your contingency plan serves as your go-to playbook. So when curveballs come your way, you're not just reacting – you're steering your project confidently towards success.
This article is part of Bain's 2023 CEO Sustainability Guide
Explore the rerport
