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If the semi-final results of the Asian Cup constituted your sole basis for making forecasts, you might be tempted to issue warnings before tomorrow's final of a storm of Australian gloating.
The Dow is similarly useless for making forecasts.
Climatology does serve to characterize the general properties of an average season and can be used as one of many other tools for making forecasts.
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These include varying the amount of fitting data for the forecasting methods, smoothing of the fitting data, different methods for interpolating gaps in the data, the longshore aggregation of data, making forecasts for coastal profiles with and without nourishments, and making forecasts up to five years ahead.
Some months ago, when budget planners in the previous government were making forecasts for 1997, they said that tax revenues would go up by nearly 6%.
Saxo Bank has the right approach to making forecasts for the year ahead: make them outrageous and try to provoke a debate.
It is useless for analyzing history or making forecasts.
However, the model is limited to making forecasts for single horizon (one step ahead) only.
The Chief Secretary to the Treasury said an independent body was making forecasts for government borrowing now, which was better than in the past.
"Weekend: Now," due next month, will help people plan their weekends, and "Your Weather Tonight," set for a debut this summer, will summarize the day's weather and make forecasts for the following day.
The company also lowered its revenue projections for the remainder of the year and said it was too early to make forecasts for 2009.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com