A number of studies have shown that providing point forecasts to decision makers can lead to improved production planning decisions. However, point forecasts do not convey information about the level of uncertainty that is associated with forecasts. In theory, the provision of prediction...

In many organizations point estimates labelled as 'forecasts' are produced by human judgment rather than statistical methods. However, when these estimates are subject to asymmetric loss they are, in fact, decisions because they involve the selection of a value with the objective of minimizing...