BASIC APPROACHES TO FORECASTING MARKET

Basic Approaches to Forecasting

Basic Approaches to Forecasting

Introduction

Most people outlook the world as consisting of a large number of alternatives. Futures study evolved as a way of analyzing the alternative futures and recognising the most probable. Forecasting is designed to help conclusion making and planning in the present. (Armstrong, 1999)

Basic Approaches of Forecasting

The following classification is a modification of the schema developed by Gordon over two decades ago:

Genius forecasting - This procedure is based on a combination of intuition, insight, and luck. Psychics and crystal ball readers are the most farthest case of genius forecasting. ...