From the course: Economic Tips for Everyone
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Being too certain in your forecasts
From the course: Economic Tips for Everyone
Being too certain in your forecasts
- If I could go back in time and tell young Jason, the one most important thing to be careful of, like the here be dragons kind of thing, it would be, don't be too certain in your forecasts. After all, as the famous Danish physicist Niels Bohr, once remarked, it's difficult to predict, especially about the future. Forecasts are always wrong. The question is by how much? And being too certain in your forecast could have extremely negative consequences for your company, your clients, or it could even be a career killer. You should make predictions with varying degrees of certainty and avoid certain words like will, might, could and likely are all much better because will is just too strong a word. In some instances like giving financial advice, the word will, could be more than just a career killer. It could be sufficient grounds for a lawsuit. So measure your words carefully because those sales forecasts you present, those…
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Contents
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The economic importance of consistency with currency data1m 5s
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Percentages and levels in economic data1m 19s
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Adjusted data1m 9s
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SAAR1m 29s
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Time and collection differences in economic data1m 6s
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Creating good economic data59s
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Being too certain in your forecasts1m 8s
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Choosing the right data analysis program54s
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