Which population forecast should I use?
On two occasions I have been asked, “Pray, Mr. Babbage, if you put into the machine wrong figures, will the right answers come out?” … I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question.
~ Charles Babbage (d.1871), inventor of the first mechanical computer
As forecasters, we live in an abundant era.
We have greater volumes of data, more sophisticated statistical techniques, and more powerful computers than previous generations ever dreamed were possible.
However, abundance is not without its challenges. In Australia alone there is a range of data available from a range of agencies, with projections built on a range of assumptions.
How do we choose the right data and the the right forecasting methodology for our purposes?
At .id we know the Australian data intimately. We understand the strengths and limitations of the different projections available, and which data set will best suit our clients’ purposes.
This understanding has taken us many years to develop, but we are now making it available to Australian data users through our free ebook: ‘Which Population Forecast Should I Use?’
In this extensive guide, we take stock of the data available in Australia, and provided a how-to guide for selecting the right data for your purposes.
To know whether a particular data set or forecasting methodology is right for you, you will need to consider:
- who produces the forecasts;
- what they’re intended for;
- what assumptions they use;
- what geography they cover;
- the level of detail; and
- how reliable they are.
All of this is laid out in ‘Which Population Forecast Should I Use?’
We hope that this ebook will become the starting point for any business seeking to understand how their markets will evolve, and how to best prepare for the future.
We trust that you will find it a useful reference.
PS – As far as we’re aware, this is the only forecasting reference of its kind in Australia, and it’s available free from the .id website.
.id is a team of population experts, who use a unique combination of online tools and consulting to help organisations decide where and when to locate their facilities and services, to meet the needs of changing populations. Access our free demographic resources here.