An Economical Method For Correcting Forecasting Error

Abstract

The purpose of this discussion is to present to business forecasters and others who utilize forecast information a method for improving forecast performance. We summarize the generation of a forecast; evaluation of a forecast; and by example illustrate the optimal linear correction method for improving forecast accuracy. This technique permits forecasters and others to decompose forecast error into its components, and, in turn, reduce forecast error.

Citation

Jarrett, J. (1992), "An Economical Method For Correcting Forecasting Error", American Journal of Business, Vol. 7 No. 2, pp. 55-58. https://doi.org/10.1108/19355181199200017