Forecasting and Forecasts of Demand and Output

Patricia M. Hillebrandt

Chapter 6 in Analysis of the British Construction Industry, 1984, pp 105-111 from Palgrave Macmillan

Abstract: 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.

Keywords: Public Sector; Industrial Building; Economic Demand; Pipe Water Supply; Housing Start (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-06660-5_6

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DOI: 10.1007/978-1-349-06660-5_6

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