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BUSI 2405 Lecture 03B - Forecasting
Transcript of BUSI 2405 Lecture 03B - Forecasting
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)
Validate (error measures) & implement results
Time series models
Q4 on pg 100
Q15 on pg 102
Q29 on pg 105