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

Multi-Modal learning refers to AI models that learn from multiple sources of data, such as text, images, and audio. By incorporating information from multiple…
Decision networks, also known as Probabilistic Graphical Models, are a type of AI model that represents uncertain knowledge using a graph structure. Decision Networks…
Machine Vision refers to the use of AI and computer vision techniques to enable machines to perceive and understand visual information. It involves analysing…
Cognitive Robotics involves the integration of AI and robotics to create intelligent machines that can interact and collaborate with humans in a human-like manner….