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

Natural Language Processing involves the interaction between computers and human language, enabling machines to understand, interpret, and generate human language. It powers applications like…
The Viterbi Algorithm is a dynamic programming algorithm used in sequence analysis, such as speech recognition and Natural Language Processing. It finds the most…
Data Preprocessing involves preparing and cleaning raw data before analysis. By removing noise, selecting relevant features, and addressing missing values, businesses can ensure data…
Zero-Shot Learning is an AI approach that enables models to learn to recognise new classes or concepts without explicit training examples. This is achieved…