Describe rule based forecasting, Managerial Economics

Q. Describe Rule based forecasting?

Rule based forecasting: Rule-based forecasting (RBF) is a proficient method which incorporates judgment as well as statistical techniques to merge forecasts. It includes condition-action statements (rules) where conditions are based on the aspects of past progress and upon knowledge of that particular area. These rules give in to the load suitable to forecasting condition as explained by the circumstances. As a matter of fact, RBF uses structured judgment and statistical analysis to modify predictive techniques to the condition. Practical outcomes on several sets of past progress designate that RBF generates forecasts which are more precise than those produced by the conventional predictive techniques or by an equal-load amalgamation of predictions.

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