Questions

Q6.1 What is the delphi method? Describe its main advantages and limitations.

Q6.2 Describe the main advantages and limitations of survey data.

Q6.3 What is trend projection, and why is this method often used in economic forecasting?

Q6.4 What is the basic shortcoming of trend projection that barometric approaches improve on?

Q6.5 What advantage do diffusion and composite indexes provide in the barometric approach to forecasting?

Q6.6 Explain how the econometric model approach to forecasting could be used to examine various "what if" questions about the future.

Q6.7 Describe the data requirements that must be met if regression analysis is to provide a useful basis for forecasting.

Q6.8 Would a linear regression model of the advertising/sales relation be appropriate for forecasting the advertising levels at which threshold or saturation effects become prevalent?

Q6.9 Cite some examples of forecasting problems that might be addressed by using regression analysis of complex multiple-equation systems of economic relations.

Q6.10 What are the main characteristics of accurate forecasts?

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