Title: Business forecasting recipes for the new millennium

Authors: K. Nikolopoulos, Binshan Lin

Addresses: Forecasting Systems Unit, School of Electrical & Computer Engineering, National Technical University of Athens, Greece. ' Dept. of Management & Marketing, College of Business Administration, Louisiana State University in Shreveport, Shreveport, LA 71115, USA

Abstract: ||Everything should be made as simple as possible, but not simpler||(Albert Einstein). Simplicity is one of the necessary ||ingredients|| for a successful forecasting recipe. The present article tries to clarify some of these indispensable ingredients that exist in our ||gardens|| but we seem to persistently overlook them. The results of the renowned M3 forecasting accuracy competition are summarised and transformed (via a gastronomic metaphor) to practical ||recipes|| for successful business forecasting. The adoption of these recipes, at almost no cost, creates critical advantage especially for SMEs that cannot afford the advanced forecasting capabilities of ERPs

Keywords: management; forecasting; M3-competition; SMEs.

DOI: 10.1504/IJMED.2004.004526

International Journal of Management and Enterprise Development, 2004 Vol.1 No.3, pp.278 - 284

Published online: 21 May 2004 *

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