Business Forecasting Principles: 03. Judgment in Forecasting

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) Robert Fildes on LinkedIn: https://www.linkedin.com/in/robert-fildes-9b70181 Videos are produce by Centre for Marketing Analytics and Forecasting of Lancaster University, UK. Follow us on LinkedIn: https://www.linkedin.com/in/lancastercmaf/ CMAF on Twitter: https://twitter.com/LancasterCMAF Our website: https://lancaster.ac.uk/cmaf Other CMAF resources: https://linktr.ee/lancastercmaf