Forecasts are essential for practically all business decisions:
From setting up appropriate inventory or service levels and credible budgets to evaluating long-term strategic investments. The first objective of the expanding field of forecasting is to offer accurate predictions contributing to the success of such decisions. Its second, equally important goal is to provide precise estimates of the uncertainty inherent in all predictions and how to be able to deal with the resulting risks.
The M Open Forecasting Center (MOFC) conducts cutting-edge forecasting research, provides business support and training with emphasis on: achieving accurate predictions, estimating the levels of uncertainty, avoiding costly mistakes and applying best forecasting practices to businesses.
The mission of the MOFC is to conduct multidisciplinary research in the area of forecasting with emphasis on accuracy and uncertainty and to expand the utilization of forecasting to business firms by identifying their needs, suggesting the most appropriate way of fulfilling them, demonstrating its benefits in reducing costs and/or improving profits while also avoiding untested practices.
The Center’s vision is to improve, as much as possible, the accuracy of forecasting as well as the correct estimation of uncertainty and to offer specific suggestions on how such improvements can be made and how to rationally deal with the ensuing risks.