AVERAGES OF FORECASTS: SOME EMPIRICAL RESULTS.
Publication
, Journal Article
Makridakis, S; Winkler, RL
Published in: Management Science
January 1, 1983
An alternative to using a single forecasting method is to average the forecasts obtained from several methods. In this paper the authors investigate empirically the impact of the number and choice of forecasting methods on the accuracy of simple averages. It is concluded that the forecasting accuracy improves, and that the variability of accuracy among different combinations decreases, as the number of methods in the average increases. Thus combining forecasts seems to be a reasonable practical alternative when, as is often the case, a 'true' model of the data-generating process or a single 'best' forecasting method cannot be or is not, for whatever reasons, identified.
Duke Scholars
Published In
Management Science
DOI
ISSN
0025-1909
Publication Date
January 1, 1983
Volume
29
Issue
7
Start / End Page
987 / 996
Related Subject Headings
- Operations Research
- 46 Information and computing sciences
- 38 Economics
- 35 Commerce, management, tourism and services
- 15 Commerce, Management, Tourism and Services
- 08 Information and Computing Sciences
Citation
APA
Chicago
ICMJE
MLA
NLM
Makridakis, S., & Winkler, R. L. (1983). AVERAGES OF FORECASTS: SOME EMPIRICAL RESULTS. Management Science, 29(7), 987–996. https://doi.org/10.1287/mnsc.29.9.987
Makridakis, S., and R. L. Winkler. “AVERAGES OF FORECASTS: SOME EMPIRICAL RESULTS.” Management Science 29, no. 7 (January 1, 1983): 987–96. https://doi.org/10.1287/mnsc.29.9.987.
Makridakis S, Winkler RL. AVERAGES OF FORECASTS: SOME EMPIRICAL RESULTS. Management Science. 1983 Jan 1;29(7):987–96.
Makridakis, S., and R. L. Winkler. “AVERAGES OF FORECASTS: SOME EMPIRICAL RESULTS.” Management Science, vol. 29, no. 7, Jan. 1983, pp. 987–96. Scopus, doi:10.1287/mnsc.29.9.987.
Makridakis S, Winkler RL. AVERAGES OF FORECASTS: SOME EMPIRICAL RESULTS. Management Science. 1983 Jan 1;29(7):987–996.
Published In
Management Science
DOI
ISSN
0025-1909
Publication Date
January 1, 1983
Volume
29
Issue
7
Start / End Page
987 / 996
Related Subject Headings
- Operations Research
- 46 Information and computing sciences
- 38 Economics
- 35 Commerce, management, tourism and services
- 15 Commerce, Management, Tourism and Services
- 08 Information and Computing Sciences