Question

How do you know if you have all the necessary information to make a forecast? Isn't there always some piece of information that's missing?

Answer 1

1st part:

To know the availability of the information for making a forecast, the first important thing that has to be taken under the consideration is the content of the forecast. If the entire content and plan for delivering the forecast are known appropriately then only it can be determined to have surety for the availability of information. The outline and steps are required to know correctly for evaluating necessary information on the forecast. The initial step is to design the format and prepare content to represent the forecast in a constructive form, and later proper auditing based on the structure designed is required to be done. Therefore, with the corrective evaluative measures, it can be known that the necessary information available is sufficient to make a forecast.

2nd part:

It may happen that some piece of information is missing. The fact does not mean that analysis or plan for representing forecast has been formulated wrongly. Sometimes it is seen that instead of correct drafting of the process for forecast a little information or conceptualization of the process is missing. It may be understood or felt during the forecast being conducted and in some part of any moment; it can be witnessed that particular small information of the fact could have eased the process of forecast improved at a higher standard.