TY - JOUR
T1 - Business forecasting methods
T2 - Impressive advances, lagging implementation
AU - Goodwin, Paul
AU - Hoover, Jim
AU - Makridakis, Spyros
AU - Petropoulos, Fotios
AU - Tashman, Len
N1 - Publisher Copyright:
© 2023 Goodwin et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
PY - 2023/12
Y1 - 2023/12
N2 - Reliable forecasts are key to decisions in areas ranging from supply chain management to capacity planning in service industries. It is encouraging then that recent decades have seen dramatic advances in forecasting methods which have the potential to significantly increase forecast accuracy and improve operational and financial performance. However, despite their benefits, we have evidence that many organizations have failed to take up systematic forecasting methods. In this paper, we provide an overview of recent advances in forecasting and then use a combination of survey data and in-depth semi-structured interviews with forecasters to investigate reasons for the low rate of adoption. Finally, we identify pathways that could lead to the greater and more widespread use of systematic forecasting methods.
AB - Reliable forecasts are key to decisions in areas ranging from supply chain management to capacity planning in service industries. It is encouraging then that recent decades have seen dramatic advances in forecasting methods which have the potential to significantly increase forecast accuracy and improve operational and financial performance. However, despite their benefits, we have evidence that many organizations have failed to take up systematic forecasting methods. In this paper, we provide an overview of recent advances in forecasting and then use a combination of survey data and in-depth semi-structured interviews with forecasters to investigate reasons for the low rate of adoption. Finally, we identify pathways that could lead to the greater and more widespread use of systematic forecasting methods.
UR - http://www.scopus.com/inward/record.url?scp=85179757321&partnerID=8YFLogxK
U2 - 10.1371/journal.pone.0295693
DO - 10.1371/journal.pone.0295693
M3 - Article
C2 - 38096137
AN - SCOPUS:85179757321
SN - 1932-6203
VL - 18
JO - PLoS ONE
JF - PLoS ONE
IS - 12 December
M1 - e0295693
ER -