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Title: Describe the Conceptual Forecasting Framework in your own words. Post by: beaches411 on Jan 26, 2018 Describe the Conceptual Forecasting Framework in your own words.
Title: Describe the Conceptual Forecasting Framework in your own words. Post by: kwengert on Jan 26, 2018 Content hidden
Title: Re: Describe the Conceptual Forecasting Framework in your own words. Post by: bio_man on Feb 6, 2023 The Conceptual Forecasting Framework is a structured approach to forecasting, aimed at ensuring that forecasting models are based on sound theoretical and empirical foundations. It involves a five-step process: (1) problem definition and data selection, (2) development of a conceptual model, (3) model selection and estimation, (4) checking and validation, and (5) communication and implementation of the forecasts. The framework emphasizes the importance of a clear understanding of the underlying causal mechanisms and relationships in the data, as well as the need for thorough testing and evaluation of the chosen forecasting model. The goal is to produce accurate and reliable forecasts that can inform decision-making in various fields such as business, economics, and government.
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