Application of System Dynamics in Forecasting: A Systematic Review

Forecasting is a part of decision-making system, and the outcomes gained from the businesses and industries are all resulted from the decisions taken in the past by relying upon the future forecasting. When it s difficult to forecast mentally, we need to use modeling. The system dynamics of a modeling tool is based on systems thinking approach; hence, it has the ability to model complex systems using feedback processes. In this paper, we have reviewed the ability of system dynamics to forecast various fields of study such as marketing, supply chain, environment by reviewing 28 research papers.