Economic forecastingEconomic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for GDP, inflation, unemployment or the fiscal deficit—or at a more disaggregated level, for specific sectors of the economy or even specific firms. Economic forecasting is a measure to find out the future prosperity of a pattern of investment and is the key activity in economic analysis.
ForecastingForecasting is the process of making predictions based on past and present data. Later these can be compared (resolved) against what happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results creating a variance actual analysis. Prediction is a similar but more general term. Forecasting might refer to specific formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods or the process of prediction and resolution itself.
Consensus forecastUsed in a number of sciences, ranging from econometrics to meteorology, consensus forecasts are predictions of the future that are created by combining several separate forecasts which have often been created using different methodologies. Also known as combining forecasts, forecast averaging or model averaging (in econometrics and statistics) and committee machines, ensemble averaging or expert aggregation (in machine learning).
Demand forecastingDemand forecasting refers to the process of predicting the quantity of goods and services that will be demanded by consumers at a future point in time. More specifically, the methods of demand forecasting entail using predictive analytics to estimate customer demand in consideration of key economic conditions. This is an important tool in optimizing business profitability through efficient supply chain management. Demand forecasting methods are divided into two major categories, qualitative and quantitative methods.
Weather forecastingWeather forecasting is the application of science and technology to predict the conditions of the atmosphere for a given location and time. People have attempted to predict the weather informally for millennia and formally since the 19th century. Weather forecasts are made by collecting quantitative data about the current state of the atmosphere, land, and ocean and using meteorology to project how the atmosphere will change at a given place.
Price elasticity of demandA good's price elasticity of demand (, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded.
Cross elasticity of demandIn economics, the cross (or cross-price) elasticity of demand measures the effect of changes in the price of one good on the quantity demanded of another good. This reflects the fact that the quantity demanded of good is dependent on not only its own price (price elasticity of demand) but also the price of other "related" good. The cross elasticity of demand is calculated as the ratio between the percentage change of the quantity demanded for a good and the percentage change in the price of another good, ceteris paribus:The sign of the cross elasticity indicates the relationship between two goods.
DemandIn economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item is a function of an item's perceived necessity, price, perceived quality, convenience, available alternatives, purchasers' disposable income and tastes, and many other options. Innumerable factors and circumstances affect a consumer's willingness or to buy a good.
Technology forecastingTechnology forecasting attempts to predict the future characteristics of useful technological machines, procedures or techniques. Researchers create technology forecasts based on past experience and current technological developments. Like other forecasts, technology forecasting can be helpful for both public and private organizations to make smart decisions. By analyzing future opportunities and threats, the forecaster can improve decisions in order to achieve maximum benefits.
Supply and demandIn microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.
PriceA price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, the price of production has a different name. If the product is a "good" in the commercial exchange, the payment for this product will likely be called its "price". However, if the product is "service", there will be other possible names for this product's name.
Elasticity (economics)In economics, elasticity measures the responsiveness of one economic variable to a change in another. If the price elasticity of the demand of something is -2, a 10% increase in price causes the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes. There are two types of elasticity for demand and supply, one is inelastic demand and supply and other one is elastic demand and supply.
Supply chain managementIn commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management (ensuring the production of high-quality products at high speed with good flexibility and low production cost), logistics and marketing channels, so that the raw materials can be converted into a finished product and delivered to the end customer.
Substitute goodIn microeconomics, two goods are substitutes if the products could be used for the same purpose by the consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.
SalesSales are activities related to selling or the number of goods sold in a given targeted time period. The delivery of a service for a cost is also considered a sale. A period during which goods are sold for a reduced price may also be referred to as a "sale". The seller, or the provider of the goods or services, completes a sale in an interaction with a buyer, which may occur at the point of sale or in response to a purchase order from a customer.
Sustainable fashionSustainable fashion (also known as eco-fashion) is a term describing products, processes, activities, and people (policymakers, brands, consumers) that aim to achieve a carbon-neutral fashion industry built on equality, social justice, animal welfare, and ecological integrity. Sustainable fashion concerns more than fashion textiles or products, rather addressing the entire process in which clothing is produced, consumed and disposed of.
Fast fashionFast fashion is the business model of replicating recent catwalk trends and high-fashion designs, mass-producing them at a low cost, and bringing them to retail stores quickly while demand is at its highest. The term fast fashion is also used generically to describe the products of the fast fashion business model. Fast fashion grew during the late 20th century as manufacturing of clothing became less expensive — the result of more efficient supply chains and new quick response manufacturing methods and greater reliance on low-cost labor from the apparel manufacturing industries of South, Southeast, and East Asia, where women make up 85-90% of the garment workforce.
RetailRetail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers.
Market clearingIn economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand so that there is no excess supply or demand, ensuring that there is neither a surplus nor a shortage. The new classical economics assumes that in any given market, assuming that all buyers and sellers have access to information and that there is no "friction" impeding price changes, prices constantly adjust up or down to ensure market clearing.
IP addressAn Internet Protocol address (IP address) is a numerical label such as 192.0.2.1 that is connected to a computer network that uses the Internet Protocol for communication. An IP address serves two main functions: network interface identification, and location addressing. Internet Protocol version 4 (IPv4) defines an IP address as a 32-bit number. However, because of the growth of the Internet and the depletion of available IPv4 addresses, a new version of IP (IPv6), using 128 bits for the IP address, was standardized in 1998.
