5.5 Choice of the forecasting model

Choice of the forecasting method (model) depends on the several factors:

  • Objectives of forecasting and purpose of the obtained analytic results,

  • Is the forecasting occurrence of interest macroeconomic or microeconomics,

  • Does the time series consist of systematic components (trend or seasonal component),

  • Are the available data appropriate for forecasting the occurrence of interest,

  • The number of occurrences that are foretasted at the same time,

  • Is there adequate program support, ect.