Essays on Forecasting

One of the most important factors in the successful running of a corporation is the accuracy of the forecasting tools selected. Almost every decision made within an organization is based on a prediction, demonstrating the importance of forecasting. To enable managers to take into account the many external aspects, such...

The forecasting department has again reported low accuracy levels of 60%, which affects how and when to run product manufacturing, order raw materials, and have enough time to package and ship products to customers without delay. As a result, the forecasting department developed a new model to achieve higher levels...

What did Denrell and Fang (2010) discover about the track record of economists who excelled at forecasting 'extreme' outcomes? They had a worse overall record. That is, aside from severe outcomes, they projected incorrectly in all other cases. What exactly is a Black Swan event? A haphazard and unexpected scenario that deviates from...

Yes, Triple-Health F's Club's new membership structure and pricing will significantly enhance its capacity to forecast its cash receipts. Individuals, students, and families initially paid a single annual membership fee to join the club. Then, in addition to the annual membership fees that the members paid for court use, there...

Analysis of previous information is necessary for forecasting changes in market performance indicators (Box, Jenkins, Reinsel & Ljung, 2015). Analysts must create models that make use of the statistical data gleaned from market research in order to produce accurate predictions of market performance. Regression models can be used by WidgeCorp...

The consensus about worldwide cooling never endured among scientists; this was a deception created by the media. The scientific paper created between 1965 and 1979 proves that there was no before-mentioned global cooling. The best scientists in the field composed this paper, which was peer-reviewed. Furthermore, a survey from 1977,...