Forecasting Fundamentals

CHAPTER 8

Managing the Forecasting Process

The key to making a good forecast is not in limiting yourself to quantitative information.

—Nate Silver

The Practice of Forecasting

In this book we have provided a comprehensive overview of the fundamentals of forecasting. We have looked at the process of forecasting, with the foundational principles, which is the core concept for generating good forecasts. We have also looked at key judgmental and statistical forecasts, how to measure forecast performance and technological advancements that have changed forecasting. All of these concepts serve as building blocks of forecasting. However, when it comes to the practice of forecasting we need to also understand issues of how to manage the forecasting process ...