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For businesses, it's crucial to have accurate forecasts for product demand. When there's an economic downturn that curbs orders, they risk big losses if they have too much inventory. Likewise, when a recession lifts and people want to buy, companies risk losses if they aren't ready to meet higher demand. Clearly, it's important to anticipate changes in the economy - but is that possible? Yes, says Finance Professor Barry Keating. A simple tool can reduce forecasting errors by up to 75 percent, according to his research, which is forthcoming in the Journal of Business Forecasting. He recently shared some thoughts on better forecasting.
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