He told the club's official website: "It's been really enjoyable. It has been a case of getting to know the players, putting faces to names and getting a feel of who's who which is very important.
"Myself and the staff that I've brought in are assessing many things and I think it's important we keep doing that.
"It's nice to be back. My break was excellent and I thoroughly enjoyed it but it's nice to be back on the training ground. It's nice to be amongst the banter again, working with young and experienced players."
Forest Mad readers have greeted the appointment with some trepidation however. Here are some of the comments sent to us over the past week;
Gary Tomlins: 'The appointment of Billy Davies would be a backward step for Forest.
'He is hot headed and his period at Derby and his fall out with Robert Earnshaw bode ill for the Reds.'
Simon Wilkinson: 'An uninspiring choice of manager. A reputation as a "blood sweat and tears" manager with route one tactics.
'In the Megson/Kinnear mould and they proved to be disasters. There may be a short term boost to results but the chances of avoiding relegation would have been better keeping Calderwood than appointing Davies.'
Balancing it up however was Ken West, who said: 'Welcome on board Mr Davies. You have a proven track record in this division with Preston and Derby.
'If you can simply replicate your results with these clubs in the Championship you will have more than just my support in emails.'