Barney took what he liked to call "the shotgun approach" to forecasting. Every period he tried a number of different forecasting approaches and at the end of the period he reviewed all of the forecasts to see which was the most accurate. The winner would be used for next period's forecast (but he still made forecasts all possible ways so he could use the system again for the following period). The more formal name for this technique is:
A) combination forecasting.
B) post-hoc forecasting.
C) focus forecasting.
D) shotgun forecasting.

Question

Quizplus · Accepted Answer

This approach is known as focus forecasting. It involves trying multiple forecasting methods and selecting the most accurate one for future forecasts, while still evaluating all methods in subsequent periods to ensure the best method is always used.

Barney Took What He Liked to Call "The Shotgun Approach