Real-time data combined with augmented workflow beats any business analyst forecasting model hands-down , he said.

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The traditional business school approach driven by analytics, forecasting and spreadsheet business modeling has lost its momentum.

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We've been in the business of analyzing and forecasting the economy for almost 45 years, and this is our fourth great call in the sense that it proved to be an important development that few others believed possible at the time we made it.

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Sir Arnold wrote that forecasting for the business was "extremely challenging".

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Economic forecasting is a dodgy business at the best of times, and currency forecasts are the least reliable of the lot.

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"It is appropriate to infer that the e-mails and software materials would demonstrate Ellison's knowledge of, among other things, problems with Suite 11i, the effects of the economy on Oracle's business and problems with defendants' forecasting model, " Illston said in the order.

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Developers and investors are clearly forecasting sustained growth in tourism and business travel, and are putting capital to work accordingly.

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So how did IBM eschew business machines to become a player in the world of fashion trend forecasting?

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Forecasting errors tend to be larger at turning points in the business cycle and when shifts occur in major economic trends.

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Overall, the outlook for the Eurozone economies is negative: EU economists are forecasting a 0.3% contraction in its economy, which means a reduction in business and consumer spending and even higher unemployment.

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