of a market, whereas fundamentalists attempt to look to the reasons behind the action. Financial institutions assimilate the evidence provided by their fundamental and chartist researchers into one note to provide a final projection on the currency in question. Forecasting has also been used to predict the development of conflict situations. Forecasters perform research that uses empirical results to gauge the effectiveness of certain forecasting models. However research has shown that there is little difference between the accuracy of the forecasts of experts knowledgeable in the conflict situation and those by individuals who knew much less. Similarly, experts in some studies argue that role thinking - standing in other people's shoes to forecast their decisions - does not contribute to the accuracy of the forecast. An important, albeit often ignored aspect of forecasting, is the relationship it holds with planning. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like. There is no single right forecasting method to use. Selection of a method should be based on your objectives and your conditions (data etc.). A good place to find a method, is by visiting a selection tree. An example of a selection tree can be found here. Forecasting has application in many situations: Supply chain management and customer demand planning - Forecasting can be used in supply chain management to ensure that the right product is at the right place at the right time. Accurate forecasting will help retailers reduce excess inventory and thus increase profit margin. Accurate forecasting will also help them meet consumer demand. The discipline of demand planning, also sometimes referred to as supply chain forecasting, embraces both statistical forecasting and a consensus process. Studies have shown that extrapolations are the least accurate, while company earnings forecasts are the most reliable. Economic forecasting Earthquake prediction Egain forecasting Energy forecasting for renewable power integration Finance against risk of default via credit ratings and credit scores Land use forecasting Player and team performance in sports Political forecasting Product forecasting Sales forecasting Technology forecasting Telecommunications forecasting Transport planning and forecasting Weather forecasting, flood forecasting and meteorology Forecasting as training, betting and futarchy In several cases, the forecast is either more or less than a prediction of the future. In Philip E. Tetlock's Superforecasting: The Art and Science of Prediction, he discusses forecasting as a method of improving the ability