Niev | Economics homework help

answer in 150 words and provide 1 reference

 Forecasting & Legislations

1.”Forecasting is both an art and a science.” Discuss with particular reference to Panel Consensus and Econometric Method.
      Forecasting is a planning tool utilized by management in its pursuit to grapple with the ambiguity of the future by relying on historical and present data and analysis of trends.Forecasting is utilized by management to determine events affecting a company such as but not limited to allocating budgets, plan for anticipated expenses, sales expectations and increase or decrease of the price of shares for an upcoming period of time. It is a science because of the techniques used in forecasting and it is an art because of the application of forecasting techniques.
     Econometric forecasting model is a quantitative and original approach using systems of relationships. Independent variables like inflation, exchange rates, gross national product, etcetera to analyze dependent variables mainly aggregate time series. As econometric analysis is based on economics and statistics it gives a scientific process to forecasting. It is also art because the application of different econometric analysis to forecast events affecting the firm.Panel consensus is a qualitative method that is based on intuitive or judgmental evaluation. It is used generally when data are scarce, not available, or no longer relevant. Internal members and expert’s opinions are incorporated in this method of forecasting. This is both an art and scientific process because you not only need hard data to make a logical decision that would make the firm successful but also creative thinking to use that data to predict the future.


n. a. (19, Jan 2011). Forecasting Methods. Retrieved from:

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages