“…Management judgment is normally required to adjust statistical forecasts in response to special events. Thus, forecasting methodology is most relevant and applicable in the field of management; moreover, a key objective of management is demand forecasting (Hilas, Goudos, & Sahalos, 2006;Lee, Cho, Lee, & Lee, 2006;Lee, Lee, & Kim, 2008). Short-term historic and stochastic volatility data are important for accurate forecasting.…”