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Humans-in-the-loop forecasting: integrating data science and business planning

The Unofficial Google Data Science Blog

This classification is based on the purpose, horizon, update frequency and uncertainty of the forecast. With those stakes and the long forecast horizon, we do not rely on a single statistical model based on historical trends. A single model may also not shed light on the uncertainty range we actually face.

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The trinity of errors in applying confidence intervals: An exploration using Statsmodels

O'Reilly on Data

Because of this trifecta of errors, we need dynamic models that quantify the uncertainty inherent in our financial estimates and predictions. Practitioners in all social sciences, especially financial economics, use confidence intervals to quantify the uncertainty in their estimates and predictions.