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Business forecasting recipes for the new millennium

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  • K. Nikolopoulos
  • Binshan Lin

Abstract

"Everything should be made as simple as possible, but not simpler"(Albert Einstein). Simplicity is one of the necessary "ingredients" for a successful forecasting recipe. The present article tries to clarify some of these indispensable ingredients that exist in our "gardens" but we seem to persistently overlook them. The results of the renowned M3 forecasting accuracy competition are summarised and transformed (via a gastronomic metaphor) to practical "recipes" for successful business forecasting. The adoption of these recipes, at almost no cost, creates critical advantage especially for SMEs that cannot afford the advanced forecasting capabilities of ERPs

Suggested Citation

  • K. Nikolopoulos & Binshan Lin, 2004. "Business forecasting recipes for the new millennium," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 1(3), pages 278-284.
    • Handle: RePEc:ids:ijmede:v:1:y:2004:i:3:p:278-284
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    Keywords

    management; forecasting; M3-competition; SMEs.;
    All these keywords.

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