Forecasting and Predictive Analytics

Forecasting and predictive analytics involve using historical data and statistical methods to predict future events or trends. Essentially, forecasting looks at patterns from the past—like sales, weather, or economic indicators—to make educated guesses about what might happen next. Predictive analytics goes a step further by utilizing advanced techniques, including machine learning, to analyze complex data sets and identify potential outcomes. Both methods help businesses and organizations make informed decisions, manage risks, and improve strategies by anticipating future scenarios based on past behavior.