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The key to competitiveness: Forecast

Author

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  • Zoltán Kovács

    (University of Pannonia, Department of Management, Faculty of Economics, Egyetem u. 10, H-8200 Veszprém, Hungary)

Abstract

There 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.

Suggested Citation

  • Zoltán Kovács, 2012. "The key to competitiveness: Forecast," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 62(4), pages 505-518, December.
    • Handle: RePEc:aka:aoecon:v:62:y:2012:i:4:p:505-518
    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.
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    More about this item

    Keywords

    goodness of forecast; competitiveness; MRE; company results;
    All these keywords.

    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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