M FORECASTING CENTRE to Launch in September

The M Forecasting Centre (MFC) at UNIC will capitalize on the M-Competitions and their findings in advancing the field of Forecasting

Forecasts are essential for practically all business decisions: From setting up appropriate inventory levels to formulating long-term strategies such as investing in AI and other disruptive technologies. What forecasting can and cannot do is, however, misunderstood and its potential benefits underexploited. It may seem paradoxical but forecasting is not a substitute for certainty. At the same time, one of its major objectives is to provide realistic estimates of the uncertainty inherent in all predictions.

The M Forecasting Centre (MFC), set to launch at the University of Nicosia (UNIC) in September 2019, will capitalize on the M Competitions and their findings, to bring out the largely unknown and underexploited benefits from ongoing research and developments in the field, aiming to become an important force in the field of Forecasting. The Centre’s efforts in this domain will be anchored by its vision and mission:

Vision: Improve the accuracy of forecasting and the realistic estimation of uncertainty associated with all future predictions while providing concrete suggestions of how to deal with such uncertainty.

Mission: Expand the utilization of forecasting in business firms by identifying their needs, simplifying its usage and demonstrating its benefits in reducing costs and/or improving profits.

The MFC will support the above through various activities that revolve around:

  •  Continuing with the M Competitions, M Conferences and M Publications
  • Conducting periodic forecasting surveys among academics and practitioners to identify their needs/concerns and elicit their views about possible improvements in the field
  • Publishing a forecasting blog written by the MFC staff as well by forecasting users
  • Attesting the accuracy of new forecasting methods by keeping a big data base (similar to that of the M4 Competition without, however, making the test data known to avoid using them to train the methods)
  • Research/Publications on AI/IA and their implications to firms and societies
  • Deep Learning research to improve forecasting accuracy and the realistic estimation of uncertainty

Online Executive Forecasting Courses and Certificates of Attainment

Executive courses will be offered online to cater to various areas of forecasting, lasting from one to six weeks, as well as specialized courses leading to professional certificates (e.g. for deep learning or new product forecasting) verifying the attainment of specific forecasting knowledge through exams and the completion of assignments.

Membership: There will be various types of MFC members, including individuals and corporate, as well as paying and non-paying.

Keeping Connected: In addition to the MFC blog, members will also receive a monthly newsletter informing them about the latest theoretical developments in the field, as well as information about successful forecasting applications.

Cooperation with the International Institute of Forecasters (IFF)

There are discussions underway on a possible collaboration between MFC and IFF, the major, global, professional association of forecasters.