Write a critique of the article focusing on the forecasting construction industry demand, price, and productivity in Singapore
This article focuses on the forecasting construction industry demand, price, and productivity in Singapore. In the given article, authors have shared the idea that price demand and productivity are the major points which could be used to assess the forecasted results of the particular industry. The Box Jenkins approach used by authors in this article also used the autoregressive-integrated strategy to value and assess the qualitative and quantitative data. However, I do not agree with the suggested the Box Jenkins approach used by the authors in this article. The main reason is that this approaches uses the assumptions and uncertain factors based on the gathered qualitative data for the research. In addition to this, AR model has also been used by the authors in the the Box Jenkins approach which increases the complexities of the gathered data for the forecasting construction industry demand, price, and productivity in Singapore (Hua & Pin, 2000). The forecasted results for price, demand and supply of the goods in the Singapore industry is determined on the basis of the time serious without considering the other external factors such as inflation rate, changing customer’s preferences and needs which might impact the forecasted results. The residential construction demand forecasting is prepared based on time serious and no auto correlation has been done by using the regress analysis for undertaken quantitative data given in Box Jenkins approach and problems associate with the same. Therefore, I do not agree with the methods used by authors in this article to analysis the results and gathered data. This will not only increase the complexities of the data found in this article but also confuse the readers with the industry results (Hillebrandt, 2000).