The art of forecasting

Forecasting future economic and oil industry activity can be challenging.As we have experienced over the past decade, and even over the past few months, economic conditions in the industry can change rapidly. Forecasts that once appeared very logical can quickly become significantly off the mark for a variety of reasons. This calls into question the reliability of economic forecasts.There has long been a discussion about whether economic forecasting is truly a science or more an art form. Scientific methods and mathematical formulas can be used in developing a forecast. Mathematical analysis is now used extensively in the economics profession, and that brings economic forecasting closer t...

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