principles of forecasting

Forecasting involves using data and patterns to predict future outcomes. It relies on analyzing past trends, understanding relationships among different factors, and applying mathematical models to estimate what might happen next. The goal is to make informed decisions by anticipating future events, such as sales, weather, or economic changes. While forecasts are not certain, they help organizations plan better by providing reasonable expectations based on available information and insights. Accurate forecasting balances historical data, current conditions, and assumptions about future developments.