Forecasting as a scientific discipline has progressed a lot in the last 40years, with Nobel prizes being awarded for seminal work in the field, most notably to Engle, Granger and Kahneman. Despite these advances, even today we are unable to answer a very simple question, the one that is always...

Demand forecasting is a crucial aspect of the planning process in supply-chain companies. The most common approach to forecasting demand in these companies involves the use of a computerized forecasting system to produce initial forecasts and the subsequent judgmental adjustment of these...