FORECASTING is concerned with how to collect and process information. Decisions about how to structure a forecasting problem can be IMPORTANT. For example, when should one decompose a problem and address each component separately? Forecasting includes such prosaic matters as obtaining relevant up-to-date data, checking for errors in the data, and making adjustments for inflation, working days, and SEASONALITY. Forecast error sometimes depends more on how information is used than on getting EVER more accurate information. The question of what information is needed and how it is BEST used is determined by the selection of forecasting methods

Forecasting is concerned with how to collect and process information. Decisions about how to structure a forecasting problem can be important. For example, when should one decompose a problem and address each component separately? Forecasting includes such prosaic matters as obtaining relevant up-to-date data, checking for errors in the data, and making adjustments for inflation, working days, and seasonality. Forecast error sometimes depends more on how information is used than on getting ever more accurate information. The question of what information is needed and how it is best used is determined by the selection of forecasting methods