Financial Forecasting and Planning: Techniques for Enhancing Accuracy and Reliability

Abstract

Effective financial forecasting and planning are crucial for the success of any organization. Accurate predictions allow businesses to make informed decisions, optimize resource allocation, and manage risks. This paper reviews and evaluates various techniques for enhancing the accuracy and reliability of financial forecasts. It discusses traditional methods such as quantitative and qualitative approaches, as well as modern advancements including machine learning and big data analytics. The study highlights best practices and challenges associated with these techniques, providing insights into how organizations can improve their forecasting and planning processes. By synthesizing current research and practical applications, this paper aims to offer for a comprehensive guide for enhancing financial forecasting and planning accuracy.