Spell Out The Economic Forecasting Methods

The economic situation of a country can be predicted by making comparison with the advanced countries at a particular stage.

Spell out the economic forecasting methods. One needs to remember that the chosen method for one program may differ for another. Judgmental forecasting methods the delphi method scenario building statistical surveys and composite forecasts each are judgmental forecasting methods based on intuition and subjective estimates. Survey of buyer s intentions 2.

A steel forecast might be based on the outlook for such major steel markets as automobiles construction and metal containers. 1 straight line 2 moving average 3 simple linear regression and 4 multiple linear regression. This article throws light upon the top five economic forecasting techniques.

Scientific method of forecasting involves the following questions. Under this method forecast in regard to a particular situation is based on some analogous conditions elsewhere in the past. This method is the latest approach to making the business forecasts.

Demand forecasting method 1. Government officials and business managers use. Forecasting for industries that produce basic materials usually requires a series of projections for specific markets.

Financial forecasting is tough and selection of the appropriate forecasting method is crucial to achieve the desired results. See also land use forecasting reference class forecasting transportation planning and calculating demand forecast accuracy. The following points highlight the top seven methods of demand forecasting.

A brief discussion of the major forecasting methods is given below. Economic forecasting is the process of attempting to predict the future condition of the economy using a combination of widely followed indicators. While there are a wide range of frequently used quantitative budget forecasting tools in this article we focus on the top four methods.