Bill Quackenbush (Advent Valuation Advisors) offers a “Checklist for Reliable Management Forecasts” in the recent edition of his Valuation Developments Newsletter. “In the current economy, management forecasts are coming under greater pressure by auditors, attorneys, and regulators to achieve acceptable levels of consistency and reliability,” says Quackenbush.  “It’s natural for any management team to be optimistic, but when do their cash flow projections begin to lose their credibility to the point that a valuation analyst will have to adjust them, recreate them, or even reject them—along with the use of the income approach?”