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BUSI 2405 Lecture 03B - Forecasting

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Brad Anderson

on 12 January 2017

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Transcript of BUSI 2405 Lecture 03B - Forecasting

Brad Anderson
What role does forecasting play in business?
What are the tradeoffs between qualitative & quantitative approaches?
"The Stockmarket has forecast nine of the last five recessions"
Paul A. Samuelson
Seven steps of forecasting
Determine forecast's use
ID what to forecast
ID time horizon
Select model (use qual & quant; use >1 model)
Gather data
Validate (error measures) & implement results
Time series models
Q4 on pg 100
Seasonality models
Q15 on pg 102
Measuring Error
Q29 on pg 105
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