Business Forecasting Principles: 03. Judgment in Forecasting
Channel: Lancaster CMAF
Date: 2023-05-22

In this educational video in the series of "Business Forecasting Principles", Prof. Robert Fildes discusses the role of judgment in forecasting, touching upon the main problems with it and what can be done to make the best use of it.

*Content of the video*
00:00 - Introduction
02:45 - Quantitative vs judgmental forecasting
06:40 - The process of forecasting
07:53 - Why is judgment so much used?
10:50 - Judgmental forecasting methods
12:00 - Unstructured judgmental methods
16:25 - Structured judgmental methods
21:55 - Combining models and judgment
23:09 - Heuristics and biases in forecasting
26:15 - The role of Forecasting Support Systems
27:20 - Summary (How best to make judgments)

Videos are produce by Centre for Marketing Analytics and Forecasting of Lancaster University, UK.
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