We all make predictions in our personal and professional lives. We base our decisions to marry, buy a house, launch a new product or hire staff on expectations about the future. How can we use best practices and current research to improve our ability to predict the future?
DESIGNED FOR
This seminar is for those who prepare, review, evaluate and use budgets and projections.
BENEFITS
We will examine current best practices in forecasting to help us prepare better budgets and projections. We will also examine budgeting pitfalls and ways to avoid budget traps. We will discuss the risks that cause actual results to vary from our predictions and discuss methods to deal with both known and unknown risks.
HIGHLIGHTS
Making Predictions
- Why great predictions are not intuitive
- How to separate correlation from causation
- How to recognize and overcome bias
- Who is Thomas Bayes and why he matters
Becoming a Great Predictor
- Why the ability to doubt helps
- Why it is better to be a fox than a hedgehog
- How non-conformists change the world
- Learn from the past without hindsight bias
Creating Great Projections and Budgets
- Why the many purposes and types of budgets and projections cause distortions
- How benchmarking and metrics have changed the budget process
Why Black Swan Risks Matters
- What is Black Swan risk
- Why the risk you don’t know can hurt you
- Protect your company from unknowable risks
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
Bring a calculator.
Help Feed Those in Need
- The NJCPA Emerging Leaders Council is hosting a Food Drive to benefit the Community FoodBank of New Jersey. Please bring your nonperishable items and canned goods to this event. Peanut butter and tuna fish are always needed.