Forecasting: Principles and Practice (PDF) is a comprehensive guide to the principles, techniques, and tools used in forecasting. The book is an essential resource for anyone involved in forecasting, whether in business, government, or academia.
The book begins by introducing the principles of forecasting, including the types of data used, the importance of data quality, and the role of judgment and experience in the forecasting process. It then goes on to cover the various techniques used in forecasting, including time series analysis, regression analysis, and machine learning.
One of the strengths of Forecasting: Principles and Practice is that it provides practical advice on how to use these techniques effectively. The authors provide numerous examples of real-world forecasting problems and show how different techniques can be used to solve them. They also highlight common pitfalls and mistakes that can be made in forecasting and offer guidance on how to avoid them.
In addition to the technical aspects of forecasting, the book also covers the organizational and cultural factors that can impact the success of forecasting efforts. It discusses how to create a culture of data-driven decision making, how to effectively communicate forecast results to stakeholders, and how to manage forecasting projects.
The book is also notable for its focus on the use of open-source software tools in forecasting. The authors provide detailed instructions on how to use the R programming language and the forecasting package to implement the techniques discussed in the book. This makes it a valuable resource for anyone interested in using these tools for forecasting.
Overall, Forecasting: Principles and Practice (PDF) is an accessible and practical guide to forecasting that will be of interest to a wide range of readers. Whether you are an experienced forecaster looking to expand your knowledge, or a novice looking to get started in the field, this book is an excellent resource that you won’t want to miss.