Publisher's Synopsis
Excerpt from Characteristics and Implications of Forecasting Errors in the Selection of R& D Projects
The continuous sequence of forecast-decision-results-errors-fore cast constitutes a feedback loop, a fundamental structure inherent in the control of all physical and social systems. It is through a plexus of feedback loop structures like that in Figure 1 that forecasting tech niques and their associated errors affect the performance of the firm. If we are to understand the implications of errors, they must be viewed in the context of this feedback loop structure.
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