Judgmental Forecasting: the State of Play

 

By K. Nikolopoulos

Giving a keynote speech (some free thoughts essentially) on the the things to watch in this space, at Izmir 13-10-2022. Here is the list to remember when thinking about judgmental forecasting:

Superforecasting (Tetlock & Mellers): an ability? some people posses making them better at forecasting, and harnessing that power for the greater good

Judgmental Adjustments  (Fildes & Goodwin): on the still unresolved question if judgmental adjustments help formally statistically derived forecasts

Structured analogies & Reference Class Forecasting (Armstrong/Flyvbjerg): on using past analogies and their outcomes in order to forecast and foresight

Judgmental Models Selection  (Petropoulos, Siemsen, Kourentzes):on building and selecting - judgmentally - good statistical models!

Scenarios  (Wright): and how little stories and brainstorming can give you valuable forecasts

Bottom line:
use your head for judgmental forecasting is the new (& real!) BIG DATA ANALYTICS: the most complex 'computer', on the most complex task, able to answer any question (not necessarily accurately!)