Concerned about management forecasts?

Many BVR customers recommend the classic business text The Principles of Forecasting as a basis for critiquing management estimates. This is particular true in early stage valuations. The guide is a great addition to every appraiser's bookshelf. This is part of the work from Scott Armstrong available at A short summary of nine key elements of improved forecasting is available here, from the Interntional Institute of Forecasters.