Business Forecasting Methods [chapter]

Rob J. Hyndman
2011 International Encyclopedia of Statistical Science  
Forecasting, planning and goals Forecasting is a common statistical task in business, where it helps inform decisions about scheduling of production, transportation and personnel, and provides a guide to long-term strategic planning. However, business forecasting is often done poorly and is frequently confused with planning and goals. They are three different things. Forecasting is about predicting the future as accurately as possible, given all the information available including historical
more » ... uding historical data and knowledge of any future events that might impact the forecasts. Goals are what you would like to happen. Goals should be linked to forecasts and plans, but this does not always occur. Too often, goals are set without any plan for how to achieve them, and no forecasts for whether they are realistic.
doi:10.1007/978-3-642-04898-2_156 fatcat:w5qbfvbdt5fvpkpeoyhak6bgpe