Forecasts are really becoming a pain in the back now. Brexit and Trump have really messed up the market. I am trying to figure out new ways to forecast our sales. Currently, using MS Excel but have some understanding of statistical models.
Jae LawerenceLevel 2
What are leading software for forecasting industry variables such as sales, prices, demand and supply?
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Sophia Cyrus
I think there would be a long list of software, but I have used the following for running the models and to some extent for forecasting.
Obaid Shah
Well, I think it also depends on your requirements such as the number of observations, types of variables, forecasts range and even your industry.
I used Eviews, SAS and Stata in the past for regression models. Usually, my main variables were demand and supply. However, these forecast models at one stage are totally blindfolded, particularly when it comes to monthly prices. In such circumstances, I feel more comfortable with Excel.
Sometimes you are against the time and need robust forecasts in a few hour time. Then it is easier to put your industry knowledge into action and play with the numbers in Excel, rather than building and testing econometric models.
I think there are now some software packages which handles most of the technical aspects by itself and your job is to input the data and use some simple instructions to generate forecasts.