Forecasting – When Modeling is not the only Choice (1 of 5)

What is the definition of Forecasting?

In this series I’m going to take a look at forecasting and how we can set about doing it. So it’s relevant to start with the question what is the definition of forecasting?

Forecasting is “The process of making statements about events in the future”

You need to know what you are going to do in the future, what is going to change in the future.

Why do we forecast?

The underlying question through all of this is:

What are we trying to accomplish? -  We’re trying to look at what is going to happen in the future, particularly where there are going to be changes in the organization. The business may be adding an application, reducing the use of an application or even merging a datacentre. Our job is to make sure that we have the right amount of resources available.

Forecasting Objectives

As IT demand has been growing so has the complexity of our IT systems. In order to make good forecasts we have to:

·  Make business decisions

·  Resolve possible business and IT conflicts

·  Provide IT Efficiency

·  Balance Cost vs. Service

On Thursday I'll be looking at the challenges that forecasting creates for those managing IT capacity and don't forget to come along to our webinar tomorrow 'Data Correlation  for Capacity Management' 

http://www.metron-athene.com/services/webinars/index.html

Charles Johnson
Principal Consultant