Forecasting Models: Strengths and Caveats
Forecasting models have their strengths, but also their caveats. Present an example in which a forecasting model could be used, what method you would choose and why? What are the particular strengths of the model and what would it be used for? What should we be skeptical or cautious about in interpretting the results?
Please post an original response to the questions above and then respond to at least two other students’ posts with a substantial reply. Keep in mind that a substantial reply moves our discussion to deeper levels, by exploring the content, inviting others into the discussion.
This is your final journal assignment. So, please do the following:
- Reflect on what you have learned from this course. What tools will you use for sure in the next six months? Which ones are less likely of use?
- Let’s say you are preparing for a job interview, where the job entailed use of management science. You’ve been asked to talk about the use and value of mathematical models for business. What will you say? (You don’t need to give the full presentation, but please provide the key points you would present.)
- Assess your performance in this course. Have you improved as a user of quantitative information? What evidence supports your improvement?