Economic forecasting in the context of "Industrial product"

Industrial production is a measure of output of the industrial sector of the economy. The industrial sector includes manufacturing, mining, and utilities. Although these sectors contribute only a small portion of gross domestic product (GDP), they are highly sensitive to interest rates and consumer demand. This makes industrial production an important tool for forecasting future GDP and economic performance. Industrial production figures are also used by central banks to measure inflation, as high levels of industrial production can lead to uncontrolled levels of consumption and rapid inflation .

The System of National Accounts or SNA (until 1993 known as the United Nations System of National Accounts or UNSNA) is an international standard system of concepts and methods for creating national accounts. The system is nowadays used by almost all countries in the world. SNA-type national accounts are among the world's most important sources of macroeconomic statistics. They provide essential data for empirical macroeconomic models and economic forecasting.

SNA aims to maintain an integrated, complete and up-to-date system of standard national accounts, for the purpose of economic analysis, policymaking and decisionmaking. When individual countries use SNA standards to guide the construction of their own national accounting systems, it results in much better data quality and comparability (between countries and across time). In turn, that helps to form more accurate judgements about economic situations, and to put economic issues in correct proportion — nationally and internationally.

Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference." An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships." Jan Tinbergen is one of the two founding fathers of econometrics. The other, Ragnar Frisch, also coined the term in the sense in which it is used today.

A basic tool for econometrics is the multiple linear regression model. Econometric theory uses statistical theory and mathematical statistics to evaluate and develop econometric methods. Econometricians try to find estimators that have desirable statistical properties including unbiasedness, efficiency, and consistency. Applied econometrics uses theoretical econometrics and real-world data for assessing economic theories, developing econometric models, analysing economic history, and forecasting.

The System of National Accounts or SNA (until 1993 known as the United Nations System of National Accounts or UNSNA) is an international standard system of concepts and methods for creating national accounts. The system is nowadays used by almost all countries in the world. SNA-type national accounts are among the world's most important sources of macroeconomic statistics. They provide essential data for empirical macroeconomic models and economic forecasting.

When governments use SNA standards to guide the construction of their national accounting systems, it results in much better data quality and data comparability (between countries and across time). In turn, that helps to form more accurate judgements about economic situations, and to put economic issues in correct proportion — nationally and internationally.

The System of National Accounts or SNA (until 1993 known as the United Nations System of National Accounts or UNSNA) is an international standard system of concepts and methods for creating national accounts. The system is nowadays used by almost all countries in the world. SNA-type national accounts are among the world's most important sources of macroeconomic statistics. They provide essential data for empirical macroeconomic models and economic forecasting.

When governments use SNA standards to guide the construction of their country's national accounts, it results in much better data quality and data comparability (between countries and across time). In turn, that helps to form more accurate judgements about economic situations, and to put economic issues in correct proportion — nationally and internationally.

Grid computing is the use of widely distributed computer resources to reach a common goal. A computing grid can be thought of as a distributed system with non-interactive workloads that involve many files. Grid computing is distinguished from conventional high-performance computing systems such as cluster computing in that grid computers have each node set to perform a different task/application. Grid computers also tend to be more heterogeneous and geographically dispersed (thus not physically coupled) than cluster computers. Although a single grid can be dedicated to a particular application, commonly a grid is used for a variety of purposes. Grids are often constructed with general-purpose grid middleware software libraries. Grid sizes can be quite large.

Grids are a form of distributed computing composed of many networked loosely coupled computers acting together to perform large tasks. For certain applications, distributed or grid computing can be seen as a special type of parallel computing that relies on complete computers (with onboard CPUs, storage, power supplies, network interfaces, etc.) connected to a computer network (private or public) by a conventional network interface, such as Ethernet. This is in contrast to the traditional notion of a supercomputer, which has many processors connected by a local high-speed computer bus. This technology has been applied to computationally intensive scientific, mathematical, and academic problems through volunteer computing, and it is used in commercial enterprises for such diverse applications as drug discovery, economic forecasting, seismic analysis, and back office data processing in support for e-commerce and Web services.