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Significance Of Forecast Precision
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Book Synopsis Forecasting: principles and practice by : Rob J Hyndman
Download or read book Forecasting: principles and practice written by Rob J Hyndman and published by OTexts. This book was released on 2018-05-08 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forecasting is required in many situations. Stocking an inventory may require forecasts of demand months in advance. Telecommunication routing requires traffic forecasts a few minutes ahead. Whatever the circumstances or time horizons involved, forecasting is an important aid in effective and efficient planning. This textbook provides a comprehensive introduction to forecasting methods and presents enough information about each method for readers to use them sensibly.
Book Synopsis Significance of Forecast Precision by : Katarzyna Karolina Rupar
Download or read book Significance of Forecast Precision written by Katarzyna Karolina Rupar and published by . This book was released on 2011 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate whether the precision of an earnings forecast interacts with environmental uncertainty to affect investors' perceptions of management credibility, future firm growth, and firm stock price. I find that investors respond to a misalignment between environmental uncertainty and forecast precision by lowering their growth expectations and stock price estimates (lowering growth expectations and penalizing price estimates when point forecasts are issued in relatively uncertain environments or range forecasts are issued in relatively certain environments). I find a similar pattern of results for investors' perceptions of management credibility. Perceptions of management credibility mediate the impact of misalignment on investors' perceptions of future growth but do not mediate the impact of misalignment on stock price estimates. My findings have implications for managers issuing forecasts and for investors interpreting forecasts.
Book Synopsis Significance of Forecast Precision by : Kathy Rupar
Download or read book Significance of Forecast Precision written by Kathy Rupar and published by . This book was released on 2015 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate whether alignment between individual investors' expectations about forecast precision and actual forecast precision affects their estimates of firm value, and whether this relationship is mediated by individual investors' perceptions of management credibility and future firm growth. Experimental results confirm that when expected and actual forecast precision align, individual investors estimate higher firm stock prices than when expected and actual forecast precision do not align. I also provide evidence of a mediation path through which the misalignment between expected and actual forecast precision affects individual investors' perceptions of management credibility, future firm growth, and estimates of firm stock price. My findings help reconcile inconsistencies in prior earnings forecast literature and inform managers and researchers about strategies that lead to higher perceptions of management credibility and firm value.
Book Synopsis Superforecasting by : Philip E. Tetlock
Download or read book Superforecasting written by Philip E. Tetlock and published by Crown. This book was released on 2015-09-29 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: NEW YORK TIMES BESTSELLER • NAMED ONE OF THE BEST BOOKS OF THE YEAR BY THE ECONOMIST “The most important book on decision making since Daniel Kahneman's Thinking, Fast and Slow.”—Jason Zweig, The Wall Street Journal Everyone would benefit from seeing further into the future, whether buying stocks, crafting policy, launching a new product, or simply planning the week’s meals. Unfortunately, people tend to be terrible forecasters. As Wharton professor Philip Tetlock showed in a landmark 2005 study, even experts’ predictions are only slightly better than chance. However, an important and underreported conclusion of that study was that some experts do have real foresight, and Tetlock has spent the past decade trying to figure out why. What makes some people so good? And can this talent be taught? In Superforecasting, Tetlock and coauthor Dan Gardner offer a masterwork on prediction, drawing on decades of research and the results of a massive, government-funded forecasting tournament. The Good Judgment Project involves tens of thousands of ordinary people—including a Brooklyn filmmaker, a retired pipe installer, and a former ballroom dancer—who set out to forecast global events. Some of the volunteers have turned out to be astonishingly good. They’ve beaten other benchmarks, competitors, and prediction markets. They’ve even beaten the collective judgment of intelligence analysts with access to classified information. They are "superforecasters." In this groundbreaking and accessible book, Tetlock and Gardner show us how we can learn from this elite group. Weaving together stories of forecasting successes (the raid on Osama bin Laden’s compound) and failures (the Bay of Pigs) and interviews with a range of high-level decision makers, from David Petraeus to Robert Rubin, they show that good forecasting doesn’t require powerful computers or arcane methods. It involves gathering evidence from a variety of sources, thinking probabilistically, working in teams, keeping score, and being willing to admit error and change course. Superforecasting offers the first demonstrably effective way to improve our ability to predict the future—whether in business, finance, politics, international affairs, or daily life—and is destined to become a modern classic.
Book Synopsis Making Climate Forecasts Matter by : National Research Council
Download or read book Making Climate Forecasts Matter written by National Research Council and published by National Academies Press. This book was released on 1999-05-27 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: El Nino has been with us for centuries, but now we can forcast it, and thus can prepare far in advance for the extreme climatic events it brings. The emerging ability to forecast climate may be of tremendous value to humanity if we learn how to use the information well. How does society cope with seasonal-to-interannual climatic variations? How have climate forecasts been usedâ€"and how useful have they been? What kinds of forecast information are needed? Who is likely to benefit from forecasting skill? What are the benefits of better forecasting? This book reviews what we know about these and other questions and identifies research directions toward more useful seasonal-to-interannual climate forecasts. In approaching their recommendations, the panel explores: Vulnerability of human activities to climate. State of the science of climate forecasting. How societies coevolved with their climates and cope with variations in climate. How climate information should be disseminated to achieve the best response. How we can use forecasting to better manage the human consequences of climate change.
Book Synopsis Correlated Errors - Why a Monotone Relationship between Forecast Precision and Trading Profitability May Not Hold by : Jochen Lawrenz
Download or read book Correlated Errors - Why a Monotone Relationship between Forecast Precision and Trading Profitability May Not Hold written by Jochen Lawrenz and published by . This book was released on 2018 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that the relation between financial analysts' earnings forecast accuracy and their recommendation profitability has to be augmented by the extent of commonality in their forecast errors. We show that while accuracy is positively related to expected performance, the correlation in forecasting errors has a negative impact. This implies that a monotonic relationship between ex ante identifiable forecast accuracy and ex post recommendation profitability does not need to hold. Thus, agents may be better off by making comparatively large but less correlated errors, than making precise but highly correlated forecasts.
Book Synopsis Business Forecasting by : Michael Gilliland
Download or read book Business Forecasting written by Michael Gilliland and published by John Wiley & Sons. This book was released on 2021-05-11 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover the role of machine learning and artificial intelligence in business forecasting from some of the brightest minds in the field In Business Forecasting: The Emerging Role of Artificial Intelligence and Machine Learning accomplished authors Michael Gilliland, Len Tashman, and Udo Sglavo deliver relevant and timely insights from some of the most important and influential authors in the field of forecasting. You'll learn about the role played by machine learning and AI in the forecasting process and discover brand-new research, case studies, and thoughtful discussions covering an array of practical topics. The book offers multiple perspectives on issues like monitoring forecast performance, forecasting process, communication and accountability for forecasts, and the use of big data in forecasting. You will find: Discussions on deep learning in forecasting, including current trends and challenges Explorations of neural network-based forecasting strategies A treatment of the future of artificial intelligence in business forecasting Analyses of forecasting methods, including modeling, selection, and monitoring In addition to the Foreword by renowned researchers Spyros Makridakis and Fotios Petropoulos, the book also includes 16 "opinion/editorial" Afterwords by a diverse range of top academics, consultants, vendors, and industry practitioners, each providing their own unique vision of the issues, current state, and future direction of business forecasting. Perfect for financial controllers, chief financial officers, business analysts, forecast analysts, and demand planners, Business Forecasting will also earn a place in the libraries of other executives and managers who seek a one-stop resource to help them critically assess and improve their own organization's forecasting efforts.
Book Synopsis Understanding Economic Forecasts by : David F. Hendry
Download or read book Understanding Economic Forecasts written by David F. Hendry and published by MIT Press. This book was released on 2003 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to interpret and evaluate economic forecasts and the uncertainties inherent in them.
Book Synopsis Precision Measurement and Fundamental Constants; Proceedings by : United States. National Bureau of Standards
Download or read book Precision Measurement and Fundamental Constants; Proceedings written by United States. National Bureau of Standards and published by . This book was released on 1971 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Roles that Forecast Surprise and Forecast Error Play in Determining Management Forecast Precision by : Jong-Hag Choi
Download or read book The Roles that Forecast Surprise and Forecast Error Play in Determining Management Forecast Precision written by Jong-Hag Choi and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studying the determinants of management forecast precision is important because a better understanding of the factors affecting management's choice of forecast precision can provide investors and other users with cues about the characteristics of the information contained in the forecasts. In addition, as regulators assess the regulation of voluntary management disclosures, they need to better understand how managers choose among forecast precision disclosure alternatives. Using 16,872 management earnings forecasts collected from 1995 through 2004, we provide strong evidence that forecast precision is negatively associated with the magnitude of the forecast surprise and that this negative association is stronger when the forecast is bad news than when it is good news. We also find that forecast precision is negatively associated with the absolute magnitude of the forecast error that proxies for the forecast uncertainty that managers face when they issue forecasts, and that the negative association is stronger when forecast errors are negative. These results are consistent with greater liability concerns related to bad news forecasts and negative forecast errors, respectively. Our study provides educators and researchers with important insights into management's choice of earnings forecast precision, which is a component of the voluntary disclosure process that is not well understood.
Download or read book Forecasting written by Jennifer Castle and published by Yale University Press. This book was released on 2019-06-11 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concise, engaging, and highly intuitive--this accessible guide equips you with an understanding of all the basic principles of forecasting Making accurate predictions about the economy has always been difficult, as F. A. Hayek noted when accepting his Nobel Prize in economics, but today forecasters have to contend with increasing complexity and unpredictable feedback loops. In this accessible and engaging guide, David Hendry, Michael Clements, and Jennifer Castle provide a concise and highly intuitive overview of the process and problems of forecasting. They explain forecasting concepts including how to evaluate forecasts, how to respond to forecast failures, and the challenges of forecasting accurately in a rapidly changing world. Topics covered include: What is a forecast? How are forecasts judged? And how can forecast failure be avoided? Concepts are illustrated using real-world examples including financial crises, the uncertainty of Brexit, and the Federal Reserve's record on forecasting. This is an ideal introduction for university students studying forecasting, practitioners new to the field and for general readers interested in how economists forecast.
Book Synopsis Practical Business Forecasting by : Michael K. Evans
Download or read book Practical Business Forecasting written by Michael K. Evans and published by John Wiley & Sons. This book was released on 2002-05-06 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stressing the concrete applications of economic forecasting, Practical Business Forecasting is accessible to a wide-range of readers, requiring only a familiarity with basic statistics. The text focuses on the use of models in forecasting, explaining how to build practical forecasting models that produce optimal results. In a clear and detailed format, the text covers estimating and forecasting with single and multi- equation models, univariate time-series modeling, and determining forecasting accuracy. Additionally, case studies throughout the book illustrate how the models are actually estimated and adjusted to generate accurate forecasts. After reading this text, students and readers should have a clearer idea of the reasoning and choices involved in building models, and a deeper foundation in estimating econometric models used in practical business forecasting.
Download or read book Future Ready written by Steve Morlidge and published by John Wiley & Sons. This book was released on 2010-02-19 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent crisis in the financial markets has exposed serious flaws in management methods. The failure to anticipate and deal with the consequences of the unfolding collapse has starkly illustrated what many leaders and managers in business have known for years; in most organizations, the process of forecasting is badly broken. For that reason, forecasting business performance tops the list of concerns for CFO's across the globe. It is time to rethink the way businesses organize and run forecasting processes and how they use the insights that they provide to navigate through these turbulent times. This book synthesizes and structures findings from a range of disciplines and over 60 years of the authors combined practical experience. This is presented in the form of a set of simple strategies that any organization can use to master the process of forecasting. The key message of this book is that while no mortal can predict the future, you can take the steps to be ready for it. ’Good enough’ forecasts, wise preparation and the capability to take timely action, will help your organization to create its own future. Written in an engaging and thought provoking style, Future Ready leads the reader to answers to questions such as: What makes a good forecast? What period should a forecast cover? How frequently should it be updated? What information should it contain? What is the best way to produce a forecast? How can you avoid gaming and other forms of data manipulation? How should a forecast be used? How do you ensure that your forecast is reliable? How accurate does it need to be? How should you deal with risk and uncertainty What is the best way to organize a forecast process? Do you need multiple forecasts? What changes should be made to other performance management processes to facilitate good forecasting? Future Ready is an invaluable guide for practicing managers and a source of insight and inspiration to leaders looking for better ways of doing things and to students of the science and craft of management. Praise for Future Ready "Will make a difference to the way you think about forecasting going forward" —Howard Green, Group Controller Unilever PLC "Great analogies and stories are combined with rock solid theory in a language that even the most reading-averse manager will love from page one" —Bjarte Bogsnes, Vice President Performance Management Development at StatoilHydro "A timely addition to the growing research on management planning and performance measurement." —Dr. Charles T. Horngren, Edmund G. Littlefield Professor of Accounting Emeritus Stanford University and author of many standard texts including Cost Accounting: A Managerial Emphasis, Introduction to Management Accounting, and Financial Accounting "In the area of Forecasting, it is the best book in the market." —Fritz Roemer. Leader of Enterprise Performance Executive Advisory Program, the Hackett Group
Book Synopsis On the Relation Between Forecast Precision and Trading Profitability of Financial Analysts by : Carlo Marinelli
Download or read book On the Relation Between Forecast Precision and Trading Profitability of Financial Analysts written by Carlo Marinelli and published by . This book was released on 2017 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the relation between earning forecast accuracy and expected profitability of financial analysts. Modeling forecast errors with a multivariate Gaussian distribution, a complete characterization of the payoff of each analyst is provided. In particular, closed-form expressions for the probability density function, for the expectation, and, more generally, for moments of all orders are obtained. Our analysis shows that the relationship between forecast precision and trading profitability need not to be monotonic, and that, for any analyst, the impact on his expected payoff of the correlation between his forecasts and those of the other market participants depends on the accuracy of his signals. Furthermore, our model accommodates a unique full-communication equilibrium.
Book Synopsis Weather Forecasting Accuracy for FAA Traffic Flow Management by : National Research Council
Download or read book Weather Forecasting Accuracy for FAA Traffic Flow Management written by National Research Council and published by National Academies Press. This book was released on 2003-02-27 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accurate prediction of convective storms 2- to 6-hours in advance is critical to selecting air traffic routes with minimal weather delays or diversions. This report summarizes the discussions of a workshop to explore present convective weather forecasting skill, strategies for improving that skill, ways to verify forecasts are accurate, and how to make forecasts useful to air traffic controllers, airline dispatchers, and pilots.
Book Synopsis Weather Analysis and Forecasting by : Christo Georgiev
Download or read book Weather Analysis and Forecasting written by Christo Georgiev and published by Elsevier. This book was released on 2005-07-05 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Weather Analysis and Forecasting is a practical guide to using potential vorticity fields and water vapor imagery from satellites to elucidate complex weather patterns and train meteorologists to improve operational forecasting. In particular, it details the use of the close relationship between satellite imagery and the potential vorticity fields in the upper troposphere and lower stratosphere. It shows how to interpret water vapor patterns in terms of dynamical processes in the atmosphere and their relation to diagnostics available from weather prediction models. The book explores topics including: a dynamical view of synoptic development; the interpretation problem of satellite water vapor imagery; practical use of water vapor imagery and dynamical fields; significant water vapor imagery features associated with synoptic dynamical structures; and use of water vapor imagery for assessing NWP model behavior and improving forecasts. Applications are illustrated with color images based on real meteorological situations. The book's step-by-step pedagogy makes this an essential training manual for forecasters in meteorological services worldwide, and a valuable text for graduate students in atmospheric physics and satellite meteorology. * Shows how to analyze current satellite images for assessing weather models' behavior and improving forecasts * Provides step-by-step pedagogy for understanding and interpreting meteorological processes * Includes full-color throughout to highlight "real-world" models, patterns, and examples
Book Synopsis Urban Meteorology by : National Research Council
Download or read book Urban Meteorology written by National Research Council and published by National Academies Press. This book was released on 2012-06-13 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to the United Nations, three out of five people will be living in cities worldwide by the year 2030. The United States continues to experience urbanization with its vast urban corridors on the east and west coasts. Although urban weather is driven by large synoptic and meso-scale features, weather events unique to the urban environment arise from the characteristics of the typical urban setting, such as large areas covered by buildings of a variety of heights; paved streets and parking areas; means to supply electricity, natural gas, water, and raw materials; and generation of waste heat and materials. Urban Meteorology: Forecasting, Monitoring, and Meeting Users' Needs is based largely on the information provided at a Board on Atmospheric Sciences and Climate community workshop. This book describes the needs for end user communities, focusing in particular on needs that are not being met by current urban-level forecasting and monitoring. Urban Meteorology also describes current and emerging meteorological forecasting and monitoring capabilities that have had and will likely have the most impact on urban areas, some of which are not being utilized by the relevant end user communities. Urban Meteorology explains that users of urban meteorological information need high-quality information available in a wide variety of formats that foster its use and within time constraints set by users' decision processes. By advancing the science and technology related to urban meteorology with input from key end user communities, urban meteorologists can better meet the needs of diverse end users. To continue the advancement within the field of urban meteorology, there are both short-term needs-which might be addressed with small investments but promise large, quick returns-as well as future challenges that could require significant efforts and investments.
