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So, they suggest, companies should produce much more information about their projections for the future.
Corporate chief executives and financial officers often have spirited debates about their projections, and Mr. Kelly eventually signed off on the company's public statements.
Since the onset of the crisis, most of my colleagues on the FOMC have reported greater uncertainty about their projections for economic growth and inflation compared with historical norms.
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"They were always optimistic about all their projections, painting a rosy picture, then the bottom fell out".
He calls economists when he has questions about their budget projections or ideas.
"Some of the guys from UConn and Kentucky, they talk about their pro projections and all that stuff," Smart said.
It certainly makes you wonder about their revenue projections.
If they discover that they are being paid less than their co-workers, they will "update" their projections about future earnings and conclude that their prospects of a raise are good.
According to Happer, computer models developed by the Intergovernmental Panel on Climate Change (IPCC), on which many climatologists base their projections about the effects of greenhouse-gas emissions, fail to account for recent periods of global cooling.
At yesterday's hearing, Joel Zweibel, the attorney representing the creditors, began presenting witnesses in an attempt to show that Phil Bakes, the president of Eastern, and his managers have repeatedly failed to meet their projections about Eastern's performance.
Analysts at IDC have lowered their projections about how much they expect the smartphone market to grow in 2015.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com