The OECD cut forecasts again for the global economy in 2019 and 2020, following on from previous downgrades in November, as it warned that trade disputes and uncertainty over Brexit would hit world commerce and businesses. The Organization for Economic Co-Operation a. In your opinion what forecasting tools are used in the above case for forecasting the global economy? Justify. b. Are the forecasts accurate? Comment. What all errors are possible in the forecasts and how to deal with such errors?
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Forecasting is used to evaluate the future based on quantitative and qualitative method of forecasting.
Explanation:
a. As per my opinion, Time Series method of quantitative forecasting has been used in order find accurate data to take the better decision.
b. Yes, those forecasting data are accurate as historical data are crucially used to find future estimates.
c. There are various forecasting errors occurred while making the analysis and reports such as
- Anchoring and adjusting initial values.
- Analyzing pattern of randomness .
- Biases regarding optimacy and recency .
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