chapter  13
Forecasting and Prediction
WithEdward R. Hirt, Hector Ruiz Guevara
Pages 18

As marketers, we have the task to make predictions about all sorts of things—sales for the upcoming quarter, market trends for the next several years, job performance of our current set of trainees, and likelihoods of job promotion if candidates maintain their current output and trajectory. Furthermore, the predictions that we make inform and determine our actions, making it all the more imperative that we make accurate predictions. In this chapter, we will discuss the various methods and approaches used in studying prediction, highlighting those areas in which psychology and marketing researchers have made significant inroads in understanding the ways in which people derive and rely upon predictions.