How would you keep your company’s forecast updated and current? What would be the length of time for your forecast, and what role will benchmarks play in determining the success or failure of your forecast?In order to keep the forecast updated and current, the process of forecasting should be ongoing and should not be limited to be done on annual basis. There are ongoing changes and advancements in the industry and market which should be incorporated in the process of forecasting (Drake & Kerrigan). This requires a continuous process of forecasting, which includes modifying the assumptions and incorporating the impact of different changing factors on the financial position of the organization in the long run. The time frame for the forecasting process should be short term plus long term. Benchmarking against the actual sales allows to determine whether the forecasting was successful or not (Morlidge & Player, 2010).Discuss in some detail your view of the impact of either inflation or deflation on a company’s forecast for sales in the next 5 years. Explain how you think an “average” company will be impacted by either, what they should do to prepare for this occurrence, and what you would do if you were this “average” company’s CEO.Inflation or deflation can have direct impact on the forecast for sales in the next five years. Inflation can result in increasing the cost of production of the company along with several other implications which can reduce the overall profitability of the company (Morlidge & Player, 2010). At the same time, inflation can. Techniques for Successful Forecasting.
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