Forecasting: Theory and Practice

Fotios Petropoulos*, Daniele Apiletti, Vassilios Assimakopoulos, Mohamed Babai, Devon Barrow, Souhaib Ben Taieb, Christoph Bergmeir, Ricardo Bessa, Jakub Bijak, John Boylan, Jethro Browell, Claudio Carnevale, Jennifer Castle, Pasquale Cirillo, Michael Clements, Clara Cordeiro, Fernando Cyrino Oliveira, Shari De Baets, Alexander Dokumentov, Joanne EllisonPiotr Fiszeder, Philip Franses, David Frazier, Michael Gilliland, M. Sinan Gonul, Paul Goodwin, Luigi Grossi, Yael Grushka-Cockayne, Mariangela Guidolin, Massimo Guidolin, Ulrich Gunter, Xiaojia Guo, Renato Guess, Nigel Harvey, David Hendry, Ross Hollyman, Tim Januschowski, Jooyoung Jeon, Victor Jose, Yanfei Kang, Anne Koehler, Stephan Kolassa, Nikolaos Kourentzes, Sonia Leva, Feng Li, Konstantia Litsiou, Spyros Makridakis, Gael Martin, Andrew Martinez, Sheik Meeran, Theodore Modis, Konstantinos Nikolopoulos, Dilek Onkal, Alessia Paccagnini, Anastasios Panagiotelis, Ioannis Panapakidis, Jose Pavia, Manuela Pedio, Diego Pedregal, Pierre Pinson, Patricia Ramos, David Rapach, J. James Reade, Bahman Rostami-Tabar, Michal Rubaszek, Georgios Sermpinis, Hanlin Shang, Evangelos Spiliotis, Aris Syntetos, Priyanga Talagala, Thiyanga Talagala, Len Tashman, Dimitrios Thomakos, Thordis Thorarinsdottir, Ezio Todini, Juan Trapero Arenas, Xiaoqian Wang, Robert Winkler, Alisa Yusupova, Florian Ziel

*Corresponding author for this work

Research output: Contribution to journalReview articlepeer-review


Forecasting has always been at the forefront of decision making and planning. The uncertainty that surrounds the future is both exciting and challenging, with individuals and organisations seeking to minimise risks and maximise utilities. The large number of forecasting applications calls for a diverse set of forecasting methods to tackle real-life challenges. This article provides a non-systematic review of the theory and the practice of forecasting. We provide an overview of a wide range of theoretical, state-of-the-art models, methods, principles, and approaches to prepare, produce, organise, and evaluate forecasts. We then demonstrate how such theoretical concepts are applied in a variety of real-life contexts.

We do not claim that this review is an exhaustive list of methods and applications. However, we wish that our encyclopedic presentation will offer a point of reference for the rich work that has been undertaken over the last decades, with some key insights for the future of forecasting theory and practice. Given its encyclopedic nature, the intended mode of reading is non-linear. We offer cross-references to allow the readers to navigate through the various topics. We complement the theoretical concepts and applications covered by large lists of free or open-source software implementations and publicly-available databases.
Original languageEnglish
JournalInternational Journal of Forecasting
Publication statusAccepted/In press - 1 Jul 2021


  • review
  • encyclopedias
  • methods
  • applications
  • principles
  • time series
  • prediction


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