Forecasting in uncertain times - A starring role of finance?
This Finance and Management Faculty lecture was presented at Chartered Accountants’ Hall, London, on 19 November 2012.
We live in scarily uncertain times: will the Euro collapse?; Will the USA fall over its fiscal cliff?; Will China's growth falter? It all makes forecasting not just more difficult, but more important.
David Baines, director of Freeman Baines Consulting, will describe a range of simple techniques that go beyond mere guesswork and can significantly improve the accuracy of your forecasts. Some of these techniques involve some basic maths and risk assessments, so Finance is often ideally placed to lead the way. This session will allow you to consider your own forecasting approaches and see if you can apply some of the ideas that David puts forward.
David Baines is a Director of Freeman Baines Consulting. He holds a degree in Electronic Engineering from Imperial College, and an MBA from the London Business School. After a career in BT he moved into management consulting, becoming a partner in a large UK firm before establishing his own consultancy. He specialises in working with organisations to improve their budgeting process, and in particular the way they forecast. He runs a popular in-house course on the theme of planning, forecasting and budgeting. In 2004, he completed a major survey of budgeting in the UK. He has written several management books covering planning, forecasting and budgeting, overhead cost reduction, organisational restructuring, performance measurement and business process re-engineering. Until its closure in April 2012, he was an Associate of the National School of Government, working in the fields of Organisational Development, Management Development & Skills and Managing Change.