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The globalization of business and the ubiquity of available data in the information age are the driving forces behind the increasing importance of economic forecasting. In order to remain competitive, private and public organizations alike must employ forecasting techniques effectively. Hoshmand emphasizes the application and practical use of such techniques rather than their theoretical grounding. Decision makers and students who have a solid background in economics and statistics will find this book eminently useful. After discussing the role of forecasting in business decisions, the author moves on to smoothing techniques, regression models, and the advanced time series models of Box-Jenkins. Of particular help to practitioners is the concluding chapter on how to communicate forecasts to management.
Forecasting professionals and researchers will benefit greatly from the information presented by Hoshmand, especially in their role as advisors to management. Few forecasters and even fewer managers will have had the luxury to remain fully informed of the new developments in this rapidly expanding field. Meanwhile, the importance of accurate forecasting to every realm of corporate strategy-production, inventory, purchasing, accounting, marketing, finance, and acquisitions decisions, to name a few-has increased exponentially due to the proliferation of data, the heating up of global competition, and the softening of many markets. No one today can afford to remain ignorant of the importance of economic forecasting for business decisions.
List of contents
Preface
Forecasting for Management Decisions in an Information Age
Data Patterns and Choice of Forecasting Techniques
The Macroeconomy and Business Forecasts
Data Collection and Analysis in Forecasting
Forecasting with Smoothing Techniques
Forecasting with Simple Regression
Forecasting with Multiple Regression
Advanced Regression Methodologies in Forecasting
The Box-Jenkins Method of Forecasting
Econometric Modeling and Econometric Forecasting
Communicating Forecasts to Management
Appendices
Subject Index
About the author
A. REZA HOSHMAND is Professor of Business and Economics at Daniel Webster College.
