Forecasting Principles and Applications

Forecasting involves predicting future events or trends based on analyzing past data and patterns. It’s used in many fields like business, weather, and finance to make informed decisions. The principles include understanding data quality, using appropriate methods, and considering uncertainty. Applications range from estimating sales or demand, planning resources, to preparing for weather changes. Reliable forecasting helps organizations reduce risks, allocate resources efficiently, and seize opportunities by anticipating future needs rather than reacting to events after they happen.