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How Much is Too Much – Analysis Paralysis?

Many times the models and forecasts that we create can be improved by adding additional factors and data that may have an effect. Some might say “the more detailed the model, the more accurate the results.”

Considering this please address the following prompts in your discussion:

Do you feel this is the case?
At what point should you stop improving the accuracy of a forecast and except the level of accuracy you already have?