Forecasting and modeling prices in the building construction market are vital for associating construction data in resource application, analysis and cost management, as the construction prices variation could influence the decisions made by construction investors, property managers, construction clients, developers and financial institutions. More essentially, the capability of forecasting construction prices sequences and trends can lead to bids that are more exact and can evade overestimations or underestimations in building construction projects. According to Jiang, Xu and Liu (2013), the price fluctuation comes because of the deviations and variances of market factors in the supply and demand of construction works. Variances in prices for building and construction materials are not only affected by the changes of condition in the market but also influenced by other elements, for instance, global special events, and government policies. The authors note special events such as 1997 Asian economic crunch and the outbreak of the swine flu influenced prices and demand in Singapore and Hong Kong (Jiang, Xu, & Liu, 2013).
Turkeys, Forecasting and Supply Chain Risk Management
Steve Banker, the author, introduces a narrative about Gob, a hypothetical self-educated turkey. The article explains that the turkey had a strong penchant for statistics, and, therefore, he took note of the rations of the grain the farmer was feeding him, as he grew bigger. He reckons that the meals got bigger as time passed. ...Show more