OIS’s forecast replaces the current forecasting best practice with a new best practice: developing a forecast with, per ChatGPT, the best possible profit. The current best practice was shared with the author in the following quote from Professor Hanssens, UCLA’s Anderson school of business.
“Perhaps one additional perspective is the value of combining judgment and model based forecasts. I have attached an old, but very good article on this.” The article, “Data Based Models and Managerial Intuition” is available here.
OIS improves that process by integrating the two forecasts in a single model with:
- a judgement-based forecast is an input
- then OIS creates a new most profitable forecast as an output.