forecasting principles

Forecasting principles involve analyzing past data and current trends to make informed predictions about future outcomes. It relies on understanding patterns, relationships, and variables that influence what might happen next. The goal is to estimate future demand, sales, or events accurately, while considering uncertainties and potential changes. Good forecasting balances data analysis with expert judgment, uses appropriate methods, and continuously updates predictions as new information becomes available. This approach helps individuals and organizations plan effectively by anticipating future needs and making better decisions.