Classification of Forecasting Methods with Respect to Their Structure
Editor: Amaresh Chakrabarti, Toshiharu Taura and Yukari Nagai
Author: S. Malhotra1, L. K. Das1 and V. M. Chariar1
Institution: 1Indian Institute of Technology, Delhi
Section: Innovation Management and Decision Making
Forecasting and Future mapping are indispensible methods used by researchers, strategists, leaders and visionaries to know possibilities for future and make arrangements to get prepared for the consequences. This is the foundation thought that supports universal harmony and sustainability at large. One aim of this paper is to identify a commonality among various forecasting techniques to identify an underlying structure and define a generalized and prospective forecasting process. Furthermore, different forecasting methods have their unique strengths and focus areas that define their application areas. This paper also aims towards discovering these specific focus areas and highlights convergence of various techniques to form a wholesome solution for more challenging tasks such as forecasting for a long term horizon or social forecasting.