So far, we considered many different forecasting methods, from purely statistical ones to judgmental ones. And, of course, we have only scratched the surface in this book; there are many more established forecasting methods. In addition, if you want to implement a forecasting system, each software vendor will have his/her own variants on these basic methods, as well as home-grown, possibly proprietary algorithms. How do we decide which of these forecasting methods are the best for our data?
To decide between many different forecasting methods, we can run a so-called forecasting competition, in which different methods compete to provide the best forecast. Such forecasting competitions are not entirely straightforward ...
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