How to Choose among Three Forecasting Methods: Machine Learning, Statistical Models, and Judgmental Forecasts

Yue Li, Diane Berry and Jason Lee

Foresight: The International Journal of Applied Forecasting, 2020, issue 58, 7-14

Abstract: Forecasting methods are usually categorized into three types: statistical models, machine-learning models, and judgmental (or expert) forecasts. In this article, Yue Li, Diane Berry, and Jason Lee of the Global Advanced Analytics Group with Bain & Company present their views on the strengths and weaknesses of the three forecasting methods. Based on their forecasting experiences across many industries, they offer recommendations on how to decide when to use each model as well as when a combination of methods should be considered.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:for:ijafaa:y:2020:i:58:p:7-14/

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