Forecasting Technique: The Econometric Model and its Reliability (Coursework Sample)
The best forecasting system, according to current literature and experience, allows for easy access, review, and modification of forecast results across all corporate disciplines; includes alternative modeling capabilities; allows for the creation of a knowledge base from which future forecasts can be refined; and provides timely and accurate automated link/feed interfaces with other systems. Describe a currently used forecasting technique in your current or desired industry. Discuss the reliability of the chosen technique. Discuss how it is used today. Provide an example of this forecasting technique being used.
source..Forecasting Technique
The forecasting technique uses historical data to predict business and future trends. An example of a forecasting method I have used is an econometric model. This model is primarily applied in economics to predict supply, demand, and prices.
The basic structure behind this model includes selecting your independent and dependent variables
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