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Should the Forecasting Process Eliminate Face-to-Face Meetings?

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  • J. Scott Armstrong

Abstract

When financial columnist James Surowiecki wrote The Wisdom of Crowds, he wished to explain the successes and failures of markets (an example of a "crowd") and to understand why the average opinion of a crowd is frequently more accurate than the opinions of most of its individual members. In this expanded review of the book, Scott Armstrong asks a question of immediate relevance to forecasters: are the traditional face-to-face meetings an effective way to elicit forecasts from forecast crowds (i. e., teams)? Armstrong doesn't believe so. Quite the contrary, he explains why he considers face-to-face meetings a detriment to good forecasting practice, and he proposes several alternatives that have been tried successfully. Copyright International Institute of Forecasters, 2006

Suggested Citation

  • J. Scott Armstrong, 2006. "Should the Forecasting Process Eliminate Face-to-Face Meetings?," Foresight: The International Journal of Applied Forecasting, International Institute of Forecasters, issue 5, pages 3-8, Fall.
    • Handle: RePEc:for:ijafaa:y:2006:i:5:p:3-8
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    Cited by:

    1. Benda, Wim G.G. & Engels, Tim C.E., 2011. "The predictive validity of peer review: A selective review of the judgmental forecasting qualities of peers, and implications for innovation in science," International Journal of Forecasting, Elsevier, vol. 27(1), pages 166-182.
    2. Benda, Wim G.G. & Engels, Tim C.E., 2011. "The predictive validity of peer review: A selective review of the judgmental forecasting qualities of peers, and implications for innovation in science," International Journal of Forecasting, Elsevier, vol. 27(1), pages 166-182, January.
    3. Petropoulos, Fotios & Apiletti, Daniele & Assimakopoulos, Vassilios & Babai, Mohamed Zied & Barrow, Devon K. & Ben Taieb, Souhaib & Bergmeir, Christoph & Bessa, Ricardo J. & Bijak, Jakub & Boylan, Joh, 2022. "Forecasting: theory and practice," International Journal of Forecasting, Elsevier, vol. 38(3), pages 705-871.
      • Fotios Petropoulos & Daniele Apiletti & Vassilios Assimakopoulos & Mohamed Zied Babai & Devon K. Barrow & Souhaib Ben Taieb & Christoph Bergmeir & Ricardo J. Bessa & Jakub Bijak & John E. Boylan & Jet, 2020. "Forecasting: theory and practice," Papers 2012.03854, arXiv.org, revised Jan 2022.
    4. repec:cup:judgdm:v:8:y:2013:i:2:p:91-105 is not listed on IDEAS
    5. Karsten Hueffer & Miguel A. Fonseca & Anthony Leiserowitz & Karen M. Taylor, 2013. "The wisdom of crowds: Predicting a weather and climate-related event," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 8(2), pages 91-105, March.

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