Forecasting: principles and practice

Forecasting refers to the process of making predictions about future events or trends based on historical data and analysis. It involves understanding patterns, such as seasonal changes or growth trends, and applying statistical methods to estimate what is likely to happen ahead. Effective forecasting helps businesses and organizations plan resources, budgets, and strategies more accurately. It relies on careful data collection, analysis, and an awareness of uncertainties or external factors that might influence outcomes. Overall, forecasting is a vital tool for informed decision-making, balancing past insights with reasonable expectations of the future.