3 Articles on forecasting for product managers

Three Articles reviewed with the Chicago-affiliate of the Product Management Development Association were considered for a discussion on forecasting.

The first article Forecasting for Product Management states “A product manager has a broad role, including new product development (NPD) and brand management. Understanding and predicting customer needs means a product manager must be proficient in making demand forecasts.”  The article makes it clear that both qualitative forecasts and quantitative forecasts will be wrong, but the forecast will provide guidance to act upon.

The second article The Last Guide to Sales Forecasting You’ll Ever Need: How-To Guides and Examples enumerates the steps in creating a forecast, the qualitative & quantitative steps in sales forecasting, and various techniques for forecasting.

Trend forecasting for product managers — how to predict the future, the third article, lists several reasons why product managers need to forecast trends, because

• Trends teach us about the market and our customers
• Trends present new opportunities
• Trends present risks
• Trends boost growth
• Trends may help brand credibility

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