Can business forecasters be, and have often been, completely off the mark in their predictions?

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Many experts agree that precise business forecasting is as much an art as a science. Because business cycles are not repetitious, a good forecast results as much from experience, sound instincts, and good judgment as from an established formula. Business forecasters can be, and have often been, completely off the mark in their predictions. If nothing else, business forecasts can be used as blueprint to better understand the nature and causes of economic fluctuations.