What is Forecasting?

Skill Level:

Forecasting involves predicting future outcomes or trends based on historical data and patterns. By analysing past data and applying statistical techniques, businesses can make informed forecasts for sales, demand, market trends, and resource allocation. Accurate forecasting helps organisations optimise operations, plan strategies, and make data-driven decisions.

Other Definitions

Federated Learning is a privacy-preserving technique where AI models are trained across multiple decentralised devices or systems without sharing raw data. Instead, only aggregated…
Probabilistic Graphical Models is a type of statistical model used in Machine Learning and Artificial Intelligence. They represent complex relationships between variables through graphs…
Knowledge-Based Systems are AI systems that utilise domain-specific knowledge and rules to make informed decisions or provide expert advice. These systems incorporate human expertise…
Ensemble Learning involves combining multiple Machine Learning models to achieve superior performance and accuracy. By leveraging the “wisdom of the crowd,” Ensemble Learning mitigates…