IMPROVING FORECASTS FOR BETTER DECISION-MAKING

Rajenlall Siriram

Abstract


Improving the forecasting process may enable managers to make better decisions. In this paper, the forecasting process includes three factors: [A] forecasting input factors, [B] competitive advantage factors, and [C] forecasting effectiveness factors. It is proposed that a deeper understanding of the links between [A], [B] and [C] will lead to improvements in forecasting and better decision-making. The objective of this paper is to develop a model that will allow managers to improve forecasting by better understanding the links in the model. Structural equation modelling (SEM) is used to test the model. Twenty-two hypotheses are tested, of which 18 are accepted. 


Keywords


Foresating, better decion making, forecasting foundational requirements

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DOI: https://doi.org/10.7166/27-1-486

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ISSN 2224-7890 (on-line) ; ISSN 1012-277X (print)


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