Farecasting

Farecasting involves predicting future transportation fares or prices based on various factors such as demand, time, location, and economic conditions. By analyzing historical fare data and current trends, transportation companies can forecast how much a ride might cost in the future, helping them set dynamic prices. This process helps optimize revenue, manage supply and demand, and provide better pricing transparency to customers. Essentially, farecasting uses data-driven models to estimate future prices, enabling both providers and users to plan and make informed decisions.