In many organizations point estimates labelled as 'forecasts' are produced by human judgment rather than statistical methods. However, when these estimates are subject to asymmetric loss they are, in fact, decisions because they involve the selection of a value with the objective of minimizing...

The estimation of the costs of a product or project and the decisions based on these forecasts are subject to much uncertainty relating to factors like unknown future developments. This has been addressed repeatedly in research studies focusing on different aspects of uncertainty; unfortunately,...