By A. Reza Hoshmand
The details age has introduced higher interconnection the world over, and reworked the worldwide market. to stay aggressive, company enterprises search for methods of enhancing their skill to gauge company and financial stipulations around the globe. even as, advances in know-how have revolutionized the best way we strategy details and get ready company and monetary forecasts. Secondary information searches, facts assortment, facts access and research, graphical visualization, and reporting can all be complete with the aid of pcs that supply entry to details now not formerly to be had. Forecasters should still accordingly examine the options and versions concerned, as utilized during this new era.
Business Forecasting: a pragmatic Approach is meant as an utilized textual content for college students and practitioners of forecasting who've a few history in economics and information. The presentation is conceptual in nature with emphasis on cause, software, and interpretation of the main typical forecasting techniques. The objective of this publication is to supply scholars and bosses with an outline of a extensive diversity of options and an figuring out of the strengths and weaknesses of every process. it truly is in accordance with the idea that forecasting talents are top built and retained by way of beginning with basic versions, by way of repeated publicity to genuine international examples. The ebook makes wide use of overseas examples to enlarge suggestions.
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Extra resources for Business Forecasting, Second Edition A Practical Approach
Economists Klein and Goldberger were the first to use a macroeconomic model for the American economy. As a policy tool, these models make significant contributions to the economy. Other researchers have expanded on the work of Klein/Goldberger by building models that show the relationship between input/output analysis and the macroeconomic models. 44 The Macroeconomy and Business Forecasts Because of the complexity and cost associated with building these models, several groups including commercial firms have offered corporate clients forecasting models for the economy.
There are major classes of forecasting techniques with which managers must become familiar before they can be used effectively. Forecasting methodologies fall into three categories: quantitative models, qualitative models, and technological approaches. Quantitative models, also known as statistical models, are objective approaches to forecasting. They dominate the field as they provide a systematic series of steps that can be replicated and applied to a variety of business and economic conditions.
It is the responsibility of the forecaster to pay special attention to the underlying assumptions of the model as they vary from one model to the other. The outcome of the forecast is quite different when one is looking at a model that is able to accurately predict turning points than forecasting stable patterns of change. Similarly, some models are better predictors of short-term change than a long-term condition. These examples simply point to the importance of selecting a technique that has underlying assumptions that match the characteristics of the data.