Fotios Petropoulos (Doctor NTUA)
Vasileios Assimakopoulos (Professor NTUA)
The main object of the Forecasting science is the regularization and the interpretation of the production. The term Forecast refers to the procedure of using the available knowledge to determine the outcome of certain events whose results are yet unknown. The challenge raised by the stochastic nature of the problem, but also the human need to foresee through time, make the Forecasting even more interesting. The main purpose of this book is to introduce the basic ideas, the right use and the capabilities of the Forecasting in a business (and in a more general) environment. The book aims at undergraduate and graduate students from polytechnic, technological and other university institutes, business executives and those interested in the beauty of Forecasting.
The structure of this book follows the standard methodology of Forecasting application. After a short introduction in the field of Forecasting (Chapter 1), the book examines the methodology behind the analysis and the adaptation of the data through statistic (Chapter 2), the decomposition of time series into their components (Chapter 3) and the adjustment in case of special events and actions (Chapter 4). The processed data now lead to the stage of Business Forecasting (Chapter 5), that includes the statistical analysis of the data through a variety of Forecasting Techniques (Chapter 6, 7, 8, and 9) , the incorporation of the available experience and knowledge (Chapter 10) and the preparation for a long term planning (Chapter 11). The Forecasting process ends with the evaluation and the monitoring of the results (Chapter 12). The book also includes two independent chapters, one with the history of the International Forecasting Competitions (Chapter 13) and another with a brief presentation of the main Information Systems that either specialize in predictions or incorporate Forecasting methodologies (Chapter 14).
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