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Forecasting Fundamentals by Nada Sanders

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CHAPTER 7

Technology in Forecasting

If you have to forecast, forecast often.

—Edgar Fiedler

The Impact of Technology

Nothing has changed forecasting as much as technology. Advancements in technological capabilities have had the biggest impact on forecasting. These include availability of huge amounts of data commonly known as “big data,” analytical capability or analytics, as well as advancements in computing power. These are shown in Figure 7.1. Large amounts of data are everywhere in our lives, and are generated and captured through sensors all around us. We are all texting, tweeting, blogging, and expressing opinions with technology. These data are being captured and stored for analysis. Technologies such as global positioning system (GPS), ...

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