WHAT FORECASTS (SEEM TO) MEAN

Authors
Citation
B. Fischhoff, WHAT FORECASTS (SEEM TO) MEAN, International journal of forecasting, 10(3), 1994, pp. 387-403
Citations number
70
Categorie Soggetti
Management,"Planning & Development
ISSN journal
01692070
Volume
10
Issue
3
Year of publication
1994
Pages
387 - 403
Database
ISI
SICI code
0169-2070(1994)10:3<387:WF(TM>2.0.ZU;2-Q
Abstract
A forecast is just the set of probabilities attached to a set of futur e events. In order to understand a forecast, all one needs to do is to interpret those two bits of information. Unfortunately, there are pit falls to communicating each element, so that the user of a forecast un derstands what its producer means. One source of potential problems is ambiguity regarding the event being predicted and what exactly is bei ng said about it. Another is the difficulty of determining the relevan ce of the problem that the forecaster has solved for the problem that the user is facing. Problems can also arise out of epistemological and sociological issues of trust and context. A simple framework is offer ed for considering these communication problems and is then illustrate d with a mixture of systematic data and anecdotal observation. The cri ticality of these different problems is considered, along with procedu res that might reduce them.