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What is consensus forecast?how its used?what are the
FORECAST models invovled in?
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Answer Posted / lova
Consensus forecast refers to a business process, not a
system function. It basically means forecast created with
the mutual agreement of the various business functions,
e.g. supply chain, finance, sales, etc.
As such it is not linked to any statistical forecast models
(I assume you meant that) and you can use any and all
models, it will not create a consensus forecast for you.
You have to take your numbers and discuss and agree about
them with your colleagues of the different departments.
That's what will make your forecast consensus based.
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