Why do we need forecasts?

February 8, 2010 - 3:35 pm - Posted by admin

We need forecasts to make better decisions.

Dr. Edward Raupp
Chancellor and Professor of Economics, The University of Georgia
President, THE GEORGIA FORECAST™

When we make decisions, we deal in the realm of uncertainty. The purpose of a forecast, then, is to reduce the amount of that uncertainty. The implicit assumption is that we make better decisions when we know more about the future. In short, Everyone who makes decisions needs forecasts.

THE GEORGIA FORECAST™ (TGF) is an organization and a service. It has three objectives:

1. Predict the values of important macroeconomic variables.
2. Assist organizations in forecasting market conditions.
3. Provide real-world experience for students.

Initially, we will be forecasting Georgia’s real GDP growth rate, unemployment rate, and inflation rate. When we have demonstrated accuracy in forecasting these variables, we will move on to other economic variables.

English Full Version (second issue)

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About TGF

April 9, 2008 - 6:16 pm - Posted by admin

The Georgia Forecast™ (TGF) an organization and project whose purpose is to provide accurate and timely forecasts of the key macroeconomic variables in Georgia. These include, among others, growth rate for real gross domestic product (GDP), unemployment rate, and inflation rate.

The mission of TGF is to conduct and publish research that will assist decision makers in the economic development of Georgia. TGF is an Ltd. associated with the Advanced Research Center of The University of Georgia and is governed by its own Board.

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