As noted by Armstrong (2006) miscalculation in the prediction of uncertainty and risks in the field of economics can bring in great fall to the entire existence of an organisation or the nation as a whole, it is therefore very important to have well balanced and assessed forecasting data. This is the reason that it is very important to have a forecast with minimal errors. For this purpose, Thomopoulos (2016) recommends Delphi method of forecasting as the most comprehensive of all. There are some added recommendations for minimising the errors in forecasting are judgmental decomposition, simulated interaction, damped causality, and structured analogies.

 

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