MAPPING CURRENT STATE IN THE FIELD OF PREDICTION METHODS OF BUSINESS AND ECONOMIC CHARACTERISTICS ACROSS INDUSTRIES

Abstract

The results of the prediction of business and economic characteristics provide valuable information to stakeholders (business owners and managers, investors, and shareholders). The aim of the paper is to provide a comprehensive overview on methods applied in practice for predicting significant business and economic variables. The research is structured into selected key industries for most of the world's economies. An extensive literary review of the scientific papers published over the last decade revealed that the most used prediction methods include ANN, GARCH combined with ARIMA. These are the methods strong enough to capture the specifics of the industries for the economic and business prediction purposes. The LS-SVM and ARIMA methods are used separately to a lesser extent. The other methods were used mainly for the purpose of vali-dation of their predicting applicability.