Teaching Forecasting and Prediction

Abstract

This  paper  aimed  to  materialize  how  to  teach  forecasting  and  predictions  to  undergraduate  students.There are two modes of thinking, including the determination of forecasters and forecast errors. To determine thebest forecast, we have to use the methodology of minimizing sums of forecast errors, which is further discussed inthis paper. An example of this is single exponential smoothing, which is rather difficult when it comes to determiningthe smoothing constant alpha. In management and administrative situations, the need for planning is great becausethe lead time for decision-making ranges from several years to a few days or even a few hours. The ability to predictmany  types  of  events  seems,  as  natural  today  as,  to  be  the  accurate  forecasting  of  weather  conditions  in  a  fewdecades.