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

Dimensionality Reduction is the process of reducing the number of variables or features in a dataset while retaining its essential information. By eliminating irrelevant…
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….
Explainable Artificial Intelligence focuses on developing AI systems that can provide understandable explanations for their decisions and behaviours. Transparent and interpretable AI models are…
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…