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Forecast process

Identify the relevant data sources for the forecast

Gather historical data for the relevant time period

Validate the accuracy and completeness of the collected data

Cleanse and format the data for analysis

Define the objective of the forecast

Select an appropriate forecasting method (e.g., time series, regression, etc.)

Split the data into training and testing sets

Build and fine-tune the forecast model

Validate the model's accuracy using the testing data

Identify any external factors or assumptions that may impact the forecast accuracy

Make necessary adjustments or corrections to the forecast model based on the identified factors

Document all assumptions and adjustments made

Apply the forecast model to the relevant future time period

Generate the forecasted values and intervals

Review and validate the forecast results

Prepare a clear and concise forecast report

Include relevant charts, graphs, and summary statistics

Communicate the forecast results to stakeholders

Address any questions or concerns raised by stakeholders

Monitor the actual performance against the forecasted values

Assess the accuracy and reliability of the forecast on an ongoing basis

Identify any discrepancies or deviations from the forecast

Incorporate feedback and lessons learned into future forecasting processes

Note: This is just a sample checklist, and the actual steps may vary depending on the specific requirements and nature of the forecast process.

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