Methods and apparatuses for updating a forecast model quantifying the marketing of to the demand for a product and/or service are described. An original forecast model created at a reference M is used. An error of the forecast model is determined based on data including an original data and an additional data. At least one parameter is identified to be changed in value in, added to, or removed from the original forecast model. The forecast model is then modified to reduce the error of the forecast model by changing the value of the identified parameter in the forecast model, adding the identified parameter to the original forecast model, and/or removing the identified parameter from the original forecast model.
