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This classification is based on the purpose, horizon, update frequency and uncertainty of the forecast. In choosing the appropriate method, a key distinction lies in the business stakes associated with a given forecast publication cycle. If the costs of prediction error are asymmetric (e.g. 95th percentile).
During periods of uncertainty, this helps us plan for – and be ready to respond to – different outcomes. The past few months have shown the benefits of continuous planning. Covid-19’s impact on business has completely changed the forecasts and outlook for organisations both large and small.
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