The key to competitiveness: Forecast
AbstractThere are many factors which have an influence on business results, amongst them planning, which uses forecast information. Therefore, a reliable forecast is vital for an appropriate plan. This paper examines the tie between the goodness of forecasting and company results. Mean relative error (MRE, MRD) is the indicator for forecast, assets, financial condition, market share and others for results. Data for the analysis was obtained through business simulation games from the past 10 years. Knowing that in competition not only absolute values of indicators, but rank numbers are also important, rank correlation is analysed too.
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Bibliographic InfoArticle provided by Akadémiai Kiadó, Hungary in its journal Acta Oeconomica.
Volume (Year): 62 (2012)
Issue (Month): 4 (December)
Note: This article is also part of the dissemination of results achieved within the framework in the TÁMOP project (No. 4.2.2-08/1/2008-0018), funded by the European Union.
Contact details of provider:
Web page: http://www.akkrt.hu
Postal: Akadémiai Kiadó Zrt., Prielle K. u. 21-35. Budapest, 1117, Hungary
Find related papers by JEL classification:
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
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