M Open Forecasting Center
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 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.
- Providing decision and policy makers with objective information, based on the M Competitions
- Estimating the level of uncertainty in their forecasts
Achieving both the above objectives would require a combination of the following:
- Utilizing the accumulated academic knowledge
- Applying best practices
- Avoiding common, harmful mistakes
- Continuing academic research