We all make decisions now about what we think might happen to us in the future. The same is true for many organisations, from manufacturers, to businesses, to government agencies.
The closest thing they have to a crystal ball is what’s called a forecast. Not for weather, but for so many other things like product sales, or unemployment figures, or energy usage.
One man who has been in the forecasting business for more than three decades is ACEMS Chief Investigator Rob Hyndman.
In this episode, Rob gives us a glimpse into how forecasting works, some of the unusual problems he’s tackled over the years, and tells us about the new forecasting software he’s recently developed.