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Forecasting and Forecasts of Demand and Output

In: Analysis of the British Construction Industry

Author

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  • Patricia M. Hillebrandt

Abstract

Forecasting is the process of using data about the past and present to predict the future. Some assumptions about the future are necessary as a basis for almost any type of decision. The assumptions may be based on a `hunch’ or on a systematic use of whatever data are relevant. The `hunch’ forecaster may produce a better prognostication than the formal forecaster because he is more observant, more experienced or just luckier. In general, however, a systematic approach yields better results than a `hunch’ approach. Furthermore, if the assumptions are clearly stated, then it should be relatively easy to determine when and for which reasons the forecast should be updated.

Suggested Citation

  • Patricia M. Hillebrandt, 1984. "Forecasting and Forecasts of Demand and Output," Palgrave Macmillan Books, in: Analysis of the British Construction Industry, chapter 6, pages 105-111, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06660-5_6
    DOI: 10.1007/978-1-349-06660-5_6
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