Published by:
Harvard Business Publishing
Length: 7 pages
Topics:
Economic analysis; Forecasting
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Abstract
Economic forecasts deserve to be taken seriously even though they may not be entirely accurate. Companies will make better business decisions with forecasts properly used and understood than they will without forecasts. A study of 70 forecasting organizations, done by the National Bureau of Economic Research in 1982, shows that groups of forecasters, or consensus forecasts, make more accurate predictions that do individual forecasters.
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Abstract
Economic forecasts deserve to be taken seriously even though they may not be entirely accurate. Companies will make better business decisions with forecasts properly used and understood than they will without forecasts. A study of 70 forecasting organizations, done by the National Bureau of Economic Research in 1982, shows that groups of forecasters, or consensus forecasts, make more accurate predictions that do individual forecasters.