What are the main challenges in forecasting?

What are the main challenges in forecasting?

Some key challenges in forecasting include data quality, model selection, and external factors affecting predictions.

How does data quality impact forecasting accuracy?

Data quality is crucial; inaccurate or incomplete data can lead to misleading forecasts and poor decision-making.

What external factors should be considered in forecasting?

External factors like market trends, economic conditions, and competitor actions can significantly influence forecasting outcomes.

Can you suggest some methods to improve forecasting?

Sure! Techniques like using advanced analytics, incorporating machine learning, and regularly updating models can enhance forecasting.