Revenue forecasting, budget setting and risk

Stuart Bretschneider, Larry Schroeder

Research output: Contribution to journalArticle

9 Scopus citations

Abstract

The budget-making process can be viewed as a problem of decision making under uncertainty since revenues are unknown at the time the budget is written. Revenue forecasts become information for describing the uncertainty in revenue receipts, thereby allowing the decision maker to trade off desire for a larger budget against the uncertainty in revenues. A chance constraint decision model is used to model this process. Application of the model to evaluate alternative forecasting techniques is then demonstrated for several revenue sources used in Kansas City, Missouri.

Original languageEnglish (US)
Pages (from-to)431-439
Number of pages9
JournalSocio-Economic Planning Sciences
Volume19
Issue number6
DOIs
StatePublished - 1985

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Economics and Econometrics
  • Strategy and Management
  • Statistics, Probability and Uncertainty
  • Management Science and Operations Research

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