Learn the basics of business forecasting

If you are unfamiliar with the fundamental principles of operations management forecasting, there are several excellent sites where you can get a crash course.

I recommend: Forecasting Principles offers a complete forecasting dictionary, a handbook on the Standards and Practices for Forecasting and other practical guides. Statistical Forecasting provides detailed information on the various statistical methods of forecasting.

Ensure management's use of statistical forecasting

Management's support is key when putting management forecasting methods into practice. There are many options for training and educating management.

I recommend: The Institute of Business Forecasting & Planning offers a hands-on workshop in five locations across the nation that features experienced speakers from well known companies who share their knowledge and expertise. The IBF also offers onsite training. Applied Business Forecasting, LLC also offers both online courses and onsite training programs from an applied perspective.

Engage a professional operations management forecasting firm

Data analysis and interpretation can be a daunting process. You may need a professional who is trained in statistical forecasting methods to guide you.

I recommend: The International Institute of Forecasters is a professional organization that can help you locate business forecasting specialists in your area. A list of statistical forecasting firms can be found at ThomasNet.

Install an operations management forecasting software program

There are several excellent software programs that integrate both financial and operations forecasting. There are also web-based programs that offer online statistical forecasting and data analysis.

I recommend: Work.com offers a Guide to Statistical Forecasting Software that contains the latest information on how to manage your business more efficiently with statistical forecasting software. MBAWare offers a variety of forecasting software solutions for businesses that contain advanced forecasting methods.