Structuring the Revenue Forecasting Process

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Structuring the Revenue Forecasting Process Forecasting is very difficult, especially if it is about the future. Niels Bohr, Physicist, Nobel Prize winner, 1922. By Shayne C. Kavanagh and Charles Iglehart F. inancial Forecasting , which defines a government's STEP 1: DEFINE THE PROBLEM. financial parameters, is one of the finance officer's The first step in the Forecasting Process is to define the fun- most important tasks. Accurate Forecasting also fore- damental issues affecting the forecast, providing insight into warns a government about financial imbalances, allowing it to which Forecasting methods are most appropriate and how the take action before a potential imbalance becomes a crisis, and forecast is analyzed, as well as providing a common under- forecasts can promote discussion about th

BY SHAYNE C. KAVANAGH AND CHARlES IGlEHART Structuring the Revenue Forecasting Process Forecasting is very difficult, especially if it is about the future.

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