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Financial Forecasting Process

Six Sigma – iSixSigma Forums Old Forums General Financial Forecasting Process

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  • #30410

    howe
    Participant

    I am a blackbelt in training and have been assigned to the task of improving our financial forecasting process. Our forecasting accuracy in systems has not been where it needs to be in order to give our business partners confidence in our numbers. Better financial forecasting would help with this as well as free up money where surplus is expected so it could be put either to the bottom line or towards other projects needing additional funding.  Is there anyone that has done a similar Six Sigma project around this type of process and if so could you give me some insight as to how you proceeded and what was able to be accomplished?

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    #79223

    Tracy Sandell
    Member

    There is a link which might help you:  http://www.iSixSigma.com/forum/showmessage.asp?messageID=13542
    I had a similar project and received lots of good info from isixsigma.  You probably won’t use many of the tools which you learn in training, but some of them will be very valuable.  Make sure you invest time in the process map- this will help you in the long run.  You should also make sure that you narrow the focus of the project enough so that it is manageable from the beginning. 

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    #189621

    Kenneth
    Participant

    I am in the process of putting together a LSS Charter and action plan to improve our forecasting process.  Business Finance supports several lines of business and most do monthly forecast of budet in spreadsheets. There is not quarterly reallocation of resources to best align the labor and work that is planned.  Need your input – an example of a good charter, metrics, and approach to this problem.

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