ABSTRACT
A large number of strategic projects fail with amazing regularity, and by now it is apparent that the absence of experienced strategic forecasting-which is a complex network of processes and activities-is a major root cause and source of failures. Success rates of strategic projects, however, are increased significantly when strategic decision forecasting (SDF) teams are engaged in strategic project evaluations early on, corporate strategy drives project objectives, and preestablished forecasting processes are followed. Also, strategic project teams need to have sufficient understanding of forecasting principles and experience in implementing strategic projects. Their activities need to be characterized by extensive cooperation and teamwork, world-class practices, and uninhibited 360-degree communications. Project stakeholders need to understand what is involved in developing long-term forecasts to support strategic projects and know their roles and responsibilities and what is expected of them. Continuity of purpose and effective transitioning of responsibilities between project phases are essential in maintaining focus on the goals and objectives and implementing a project flawlessly.
