A popular and Important tool for Forecast Users: Judgmental Adjustments

Abstract

‘Judgmental adjustments’ constitute one of the popular and important tools in the arsenal of the forecasting practitioners that facilitate the integration of their judgment into the forecasting process. In the current article, a literature review on this widely used method is provided. The motivation and reasons behind judgmental adjustments are examined followed by the recent concentrations of research on the subject. At the same time, primary research gaps are identified and an agenda for future research is provided.