Labor Productivity Forecasting

Abstract

The economic and mathematical forecasting methods used in economics allow for determination of quantitative relationships between complex socio-economic, technological and other processes with less time and money. In modern conditions, almost any indicator can be planned using the economic mathematical method. The use of these methods eliminates subjectivism in planning and increases the scientific level of plan's validity. However, the use of these methods requires an exact mathematical description of an economic problem and expert evaluation of the data obtained. The description of the algorithm made it possible to determine the growth of labor productivity and justify growth achievement through the dynamics of selected factors.