The Centre for Marketing Analytics and Forecasting hosted a free half-day workshop on the topic of forecasting with Hierarchies of Products and Market Segments. The well-attended event brought together practitioners from the industry and academics discussing this emerging forecasting methodology.
First Nikolaos Kourentzes discussed the latest advances in hierarchical forecasting. He looked into the opportunities that hierarchical forecasting brings in improving forecast accuracy, planning and improving decision making. Nikos provided an overview of the established approaches in hierarchical forecasting, as well as recent innovations and the benefits they offer. His talk offered a high-level view of the methodologies involved and explored aspects of implementation in existing systems.
The second talk was on case studies from practice presented by Kostas Nikolopoulos from Bangor University. Kostas presented various cases from his research with industry, demonstrating the challenges and gains in using hierarchical forecasting in practice. The case studies covered insurance applications and spatiotemporal hierarchies to support preparation and response to major earthquakes. They demonstrate how one can mitigate risks from rare events, the so-called Black Swans.
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