<p>We predict when we say in advance, foretell, or prophesy what is likely to happen in the future. We project when we calculate the numerical value associated with a future event. We forecast, a special kind of prediction, on data of past happenings to generate or cast data for future by relying happenings. Generally, one predicts (yes, no) a war, an earthquake or the outcome of a chess match, projects the value of the GNP or of unemployment, and forecasts the weather and, more scientifically, the economic trends. Prediction, projection, and forecasting must be constrained in time and space: when and where. Often the accuracy of a forecast is of interest along with how sensitive the outcome is to changes in the factors involved. Is there a basis for improving the wisdom we need to make correct and useful predictions? We believe there is, and that it can be cultivated by studying the approach given here along with the various examples. To the best of our knowledge, no other work has approached prediction in the scientific framework of hierarchies. Prediction is the synthesis of past and present in an attempt to foretell the future. In our view, creation is not the ultimate phenomenon of the world. Nature creates forms and so do we. The problem is to surmise the eventual purpose, impact, and use of creation. It is the synthesis or outcome of bringing together the results of creation that we need to predict.</p>

Prediction, Projection and Forecasting: Applications of the Analytic Hierarchy Process in Economics, Finance, Politics, Games and Sports

Luis G Vargas

Luis G. Vargas Louis G. Vargas Thomas L. Saaty

Business & Money

Springer

The Logic of Priorities: Applications of Business, Energy, Health and Transportation (International Series in Management Science Operations Research)

This book presents applications of the Analytic Hierarchy Process developed by Thomas L. Saaty to deal with unstructured decision problems, together with case histories developed by him and in collaboration with others in areas of current societal concern. Its purpose is to provide the reader with examples of how to deal with unstructured problems, particularly ones involving socio economic and political issues with qualitative and intangible factors. These examples show how to use judgment and experience to analyze a com plex decision problem by combining its qualitative and quantitative aspects in a single framework and generating a set of priorities for alternative courses of action. The process has inherent flexibilities in structuring a problem and in taking diverse judgments from people, whether singly, in a group working together, or by questionnaire. Decisionmakers will profit from this approach. It makes accessible to them a framework for understanding the complexity of the system they are in as it impinges on the surrounding environment. To deal with complexity, we must first understand it. Systems thinking is necessary if all the important factors are to be considered. Complex systems problems can challenge and tax our logical capability to fully understand their causes and the consequences of any action we may take to solve them. Neverthe less, in time their effects on us tend to become better known than their causes.

Luis G. Vargas Thomas L. Saaty

Management & Leadership

Kluwer Academic Publishers

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