Forecasting with judgment

de Wright, George, Paul Goodwin

All forecasting involves human judgment and many forecasts are based exclusively on judgment. This book brings together the latest research into the role of judgment in forecasting. It considers questions such as: How good is human judgment? Do judgmental forecasters use information efficiently? What techniques are available to help groups of people to produce better forecasts? What reasoning processes are employed by people when they make judgments about uncertainty? When should judgment be used in combination with statistical methods? The role of judgment in strategic planning, financial forecasting, and sales forecasting is considered from both theoretical and practical perspectives. It will be of interest both to professional forecasters and academics and should stimulate further research into the processes involved in making judgmental forecasts and how these processes can be improved.