Jeffrey E. Jarrett
Forecasts are numerical estimates of the future levels of sales, demand, inventories, costs imports, exports and prices, among others. For a firm, industry, a sector of the economy or the aggregate economy let alone factors such as international trade and finance. The objective is to assist management in planning, budgeting, marketing efforts, materials requirements, sustainability, the refuse from power production and efforts to restrain the effects of pollution on climate change. We indicate several procedures which are relatively easier to compute, more accurate and not dependent on finding predictor (or explanatory) variables which have coefficients of correlation which are small. By using one set of data, (port demand in units), we do short-term forecasting of up to twelve periods which are less data dependent and produce forecasts which do not require a huge investment in computer and personnel time.
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