Standards and Practices for Forecasting

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principles of Forecasting : A Handbook for Researchers and Practitioners, J. Scott Armstrong (ed.): Norwell, MA: Kluwer Academic Publishers, 2001 Standards and Practices for Forecasting J. Scott Armstrong The Wharton School, University of Pennsylvania ABSTRACT One hundred and thirty-nine principles are used to summarize knowledge about Forecasting . They cover formulating a problem, obtaining information about it, selecting and applying methods, evaluating methods, and using forecasts. Each principle is described along with its purpose, the conditions under which it is relevant, and the strength and sources of evidence.

PRINCIPLES OF FORECASTING 2 FORMULATING THE PROBLEM 1. Setting Objectives Specify the objectives in the situation, then consider what decisions relate to reaching those objectives.

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