S4(X) uses a proprietary Rough Order of Magnitude (ROM) forecasting algorithm, consisting of predictive analytics, and adjusted for current industry conditions. We can quickly provide an estimate of the scale or magnitude of a project, investment, or other endeavor. It is commonly used in the early stages of planning when detailed information is limited, and a high-level estimate is required to make initial decisions.
Our process of ROM forecasting typically involves identifying the key parameters or variables that influence the project’s scope, size, or resources required. These variables can include factors such as time, cost, resources, and risks. By assessing the historical data or relying on expert judgment, stakeholders can make educated guesses regarding the approximate values of these variables.
ROM forecasting is often presented as a range or a band of possible outcomes rather than a single value, recognizing the inherent uncertainty and lack of detailed information at the early planning stage. This allows decision-makers to consider different scenarios and assess the potential impact of different assumptions or constraints.
While ROM forecasting provides a valuable starting point, it is important to note that the accuracy of the estimate will improve as more information becomes available and the project progresses. Therefore, ROM forecasts should be regularly updated and refined as more data and insights are gathered.
ROM forecasting offers a practical approach to make informed decisions in the face of uncertainty, setting the stage for more detailed planning and analysis as the project moves forward.
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