ISBN 978-619-7209-17-4
Business forecasts importance has been recognized within a
wide range from single companies up to a global world-wide scale. Just
recently, in about one year period, a couple new books about forecasting and
related problems, written by two very influential people, were published.
Understanding of forecasting techniques is essential and it
is crucial not only for managers – any decision maker with more or less
responsibilities in contemporary business organizations must be alert to the
improper use of forecasting techniques, because inaccurate forecasts can lead
to poor decisions. Unfortunately, not all manager s/decision maker s realize
this. One important reason for this to happen is because many college
graduates, including those with degrees in business, do not ever study forecasting,
except as a sidelight in a course that has other primary objectives, like Statistics
and Operations Management.
Another reason is that most of the existing books in
Business Forecasting present only the basic techniques and many contemporary
approaches, like business intelligence and predictive analytics, knowledge
discover y from data and data mining (incl. artificial neural networks, genetic
algorithms, self-organization and other intelligent tools), which are very
useful today in forecasts development, are just mentioned.
The focus on the book is in incorporating the latest
findings from both theory and practical research. It not only presents general
principles and fundamentals that under lie forecasting practice, but also provides
an introduction to both standard and advanced approaches to forecasting, with
main emphasis on data mining and predictive analytics. The purpose of the book
is to help decision maker s and forecaster s car r y out their job and to
enable students to prepare for a managerial and analytical career.
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