Showing posts with the label market projection

Forecasting The Markets by Managing the Data Monster

Accurate forecasting data is paramount to successfully trending the market and creating strategic advantages. A paper by Bill Stringer discusses the use of big data programs and how this influences the success of the chemical industry. For the purposes of my own research, I am considering the merits of big data in proper market forecasting.  Big data can uncover information that is not easy to find or discern. The relationship between the data pieces offers an opportunity to find trends and information that is not contained in standalone measurements.   When organizations use big data well they can more accurately assess performance and variability to meet market trends.  The author believes that big data is the next frontier of nearly every economic sector. Companies will find ways to appropriately analyze large and complex data sets in both the private and public arenas. The ability to harness the data monster will allow for greater waves of growth, productivity and inn

Reducing Errors in Market Projection

Projecting markets can be difficult for executives who want concrete answers to the potential decisions they are about to make. One of the strong signs of leadership is the ability to deal with ambiguous information. This means that decision makers may not have all of the information they need to make appropriate decisions. Each decision leads to the possibility of failure with significant financial costs. The use of statistical methods can be an enhancement to the decision making process through lowering levels of uncertainty. However, statistics alone can cause mistakes and are not substitutes for good judgment. Using multiple statistical analyses to make expensive projection calls can lower decision errors and lead to stronger choices that improve market choices.   The Delphi Method: The Delphi Method was developed by Olaf Helmer while at the Rand Corporation. In the method participants answer questions about predictions, products, or services while not being able to i