Table of Contents: Foresight Best Practices

Haley Vicini

Welcome to Board Foresight Best Practices. Explore practical guidance for building effective forecasting models, operationalizing Foresight, and incorporating external intelligence into planning and decision-making.

Data Preparation and Management

• Follow a Structured Data Preparation Workflow
• Treat Missing Values Using Business-Aware Methods
• Apply Minimum Data Requirements for Analysis
• Smooth Volatile Indicators Before Modeling
• Validate Data Definitions Before Analysis

Data and Search

• Use Filters, Tags, and Search Functionality While Searching for Data
• Apply Seasonal Adjustment for Clearer Trends

Discover and Workbench

• Avoid Highly Correlated Variables in a Workbench
• Keep Your Workbench Organized
• Set an Appropriate Start Date for Your Workbench
• Ensure Explanatory Indicators Span the Full Analysis Period
• Apply Seasonal Adjustments Consistently Across the Workbench

Predict and Modeling

• Balance Statistical Rigor with Business Relevance in Models
• Check Recent Residuals to Confirm Model Reliability
• Control for Non-Economic Disruptions in Your Model
• Limit the Number of Explanatory Variables to Preserve Interpretability
• Verify Expected Sign of Indicators Before Running Predict

Scenarios

• Use “Mass Apply Values” for Uniform Forecast Scenarios
• Integrate Risk Analysis into Forecast Scenarios
• Test Scenario Sensitivity One Driver at a Time

Model Maintenance and Governance

• Evaluate Model Health Regularly
• Monitor Residual Drift Over Time
• Re-Run Seasonal Profiles After Major Data Restatements

Strategic Best Practices

• Start With the Decision, Not the Model
• Embed Foresight Into the Planning Rhythm
• The Forecast Is Not the Plan
• Turn External Signals into an Early-Warning System
• Build Confidence Through Repetition

Miscellaneous

• Use the Foresight Help Assistant to Answer Your “How-To” Questions