Forecasting Models

Forecasting models are tools used to predict future events or trends based on historical data and statistical techniques. These models analyze patterns, relationships, and variables to make informed estimates about what might happen next. For example, they can be used to predict weather, economic trends, or sales figures. By applying mathematical formulas and algorithms, forecasting models help organizations and individuals prepare for various scenarios, enabling better decision-making and resource allocation. While they’re not always perfect, they provide valuable insights to guide planning and actions.