Define: Consensus Based Forecast

Consensus based forecasting is a method of predicting future outcomes by gathering input from a group of individuals or experts and reaching a collective agreement on the most likely scenario.

Consensus based forecasting is not legally binding, as it is a method of prediction and not a formal agreement or contract.

Consensus based forecasting can be used as evidence in legal proceedings to support a party’s predictions or expectations, but it is not a legally binding document in itself.

Consensus based forecasting can provide a well-rounded and informed perspective on future outcomes, which can be valuable in legal matters such as contract negotiations or dispute resolution.

There are no specific legal requirements for conducting consensus based forecasting, but it is important to ensure that all participants are providing their input voluntarily and in good faith.

Yes, consensus based forecasting can be a valuable tool in financial planning and budgeting, as it can help organisations make more informed decisions about future expenses and revenue.

One potential drawback of consensus based forecasting is that it can be influenced by group dynamics and biases, leading to less accurate predictions.

Yes, consensus based forecasting can be used in risk management to assess the likelihood of potential outcomes and make informed decisions about mitigating risks.

It is important to consider confidentiality and intellectual property rights when sharing consensus based forecasting results with external parties, especially if the information is sensitive or proprietary.