SELECTING A FORECASTING TECHNIQUE WITH THE AID OF SIMULATION

Abstract

During recent years a number of techniques have been developed to aid in the forecasting of corporate sales, individual product demand, economic indicators, and other related series. These techniques have included classical time series analysis, multiple regression and adaptive forecasting procedures. As a result of these developments, the individual company and decision maker is faced with the task of selecting the forecasting technique that is most appropriate for his situation. This article reports research conducted at INSEAD on how simulation can be used to compare and evaluate alternative forecasting techniques for a specific application.

Citation

Wheelwright, S. (1972), "SELECTING A FORECASTING TECHNIQUE WITH THE AID OF SIMULATION", Management Decision, Vol. 10 No. 1, pp. 71-81. https://doi.org/10.1108/eb000985