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HomeMIT IDS.333 Risk and Decision Analysis, Fall 2021Unit 2: The Forecast is "Always" wrong, Video 4: Common Forecasting Process Inherently Flawed

Unit 2: The Forecast is "Always" wrong, Video 4: Common Forecasting Process Inherently Flawed

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Unit 2: The Forecast is Always wrong, Video 5: Flaw of Averages 1-the Concept

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Common forecasting processes in great part project past trends into the future. This approach inherently fails to deal with the inevitable political, economic, and technological ‘game changers.’'