Forecasting practices of Canadian firms: Survey results and comparisons

A survey of forecasting practices was carried out to provide a better under standing of Canadian business practices, and when possible, compare them wi th US practices. Companies in the US and Canada have the same use for forec asting information. Forecasts are generated and used mostly by marketing/sa les. Judgmental procedures are used more frequently than any other method. Quantitative, causal and newer methods are not used as much. In line with t his, firms do not keep as much data per product/service forecasted. Senior management revises the forecast frequently and believes that on average, ac curacy is improved by the revision. Calculation of improvement metrics show s that the variation in the improvement may negate the advantage gained. (C ) 2001 Elsevier Science B.V. All rights reserved.