- PDFView PDF
Review
Forecasting: theory and practiceUnder a Creative Commons license
Open access
Abstract
Forecasting has always been at the forefront of decision making and planning. The uncertainty that surrounds the future is both exciting and challenging, with individuals and organisations seeking to minimise risks and maximise utilities. The large number of forecasting applications calls for a diverse set of forecasting methods to tackle real-life challenges. This article provides a non-systematic review of the theory and the practice of forecasting. We provide an overview of a wide range of theoretical, state-of-the-art models, methods, principles, and approaches to prepare, produce, organise, and evaluate forecasts. We then demonstrate how such theoretical concepts are applied in a variety of real-life contexts.
We do not claim that this review is an exhaustive list of methods and applications. However, we wish that our encyclopedic presentation will offer a point of reference for the rich work that has been undertaken over the last decades, with some key insights for the future of forecasting theory and practice. Given its encyclopedic nature, the intended mode of reading is non-linear. We offer cross-references to allow the readers to navigate through the various topics. We complement the theoretical concepts and applications covered by large lists of free or open-source software implementations and publicly-available databases.
Keywords
Review
Encyclopedia
Methods
Applications
Principles
Time series
Prediction
Cited by [0]
© 2021 The Author[s]. Published by Elsevier B.V. on behalf of International Institute of Forecasters.
Demand ______ is the process of creating statements about future realizations of demand.
Get answer to your question and much more
A time series-based forecast is a form of ______, or, assuming that some patterns in the data observedwill prevail in the future.
Get answer to your question and much more
Forecast error in a given period equals the forecast for that period ______ the actual demand value forthat period.
Get answer to your question and much more
The ______ forecasting method forecasts next period's demand by using the last realized value.
Get answer to your question and much more
The more periods considered for the moving average the ______ statistical noise.
Get answer to your question and much more
______is the process of creating statements about outcomes of variables that will only be realized inthe future and are currently uncertain.
Get answer to your question and much more
The idea of ______ smoothing is to put more weight on recent data and less weight on older data.
Get answer to your question and much more
True or false: A time series-based forecast of demand will incorporate the "gut feel" of an expert.
W6 Chapter 15Smartbook1.Forecasting is the process of creating statements about the outcomes ofvariables that are currently uncertain and will only be realized in the_____.
Get answer to your question and much more
2.A time series-based forecast is based on old realizations of _______.3._____ analysis estimates the relationship of one variable with multiple
Get answer to your question and much more
variables that influence this one variable.
Get answer to your question and much more
4.In regression analysis, assume you want to understand what impacts anindividual's salary. Education, length of employment, and experience areconsidered dependent variables and salary is considered the independentvariable.5.Automated forecasts are typically created by ______.
Get answer to your question and much more
Get answer to your question and much more
6.Demand ______ is the process of creating statements about futurerealizations of demand.7.Match the forecasting framework with level of human intervention.
Get answer to your question and much more
Automated forecasting: Done by computers with little or no humaninterventionExpert panel forecasting: Experts and managers share their subjectiveopinions to reach a consensus about a demand forecast8.True or false: A time series-based forecast of demand will incorporatethe "gut feel" of an expert.F; Reason: A time series-based forecast only uses historical demand.9.Match the category with the time horizon.Short-term: daily to monthlyMid-term: monthly to yearlyLong-term: multiple years10.Regressions analysis is based on _______.
Get answer to your question and much more
11.Forecast error in a given period equals the forecast for that period______ the actual demand value for that period.
Get answer to your question and much more
12._____ analysis estimates the relationship of one variable with multiplevariables that influence this one variable.
Get answer to your question and much more