Do forecasts produced by organizations reflect anchoring and adjustment?

In attempting to improve forecasting, many facets of the forecasting process may be addressed including techniques, psychological factors, and organizational factors. This research examines whether a robust psychological bias (anchoring and adjustment) can be observed in a set of organizationally‐produced forecasts. Rather than a simple consistent bias, biases were found to vary across organizations and items being forecast. Such bias patterns suggest that organizational factors may be important in determining the biases found in organizationally‐produced forecasts.