Statistical Forecasting

Statistical forecasting is a method used to predict future events based on historical data. By analyzing patterns and trends in past information—like sales figures, weather data, or economic indicators—forecasters can make educated guesses about what might happen next. This approach uses mathematical models and statistical techniques to identify correlations and variations over time. For instance, a company might use statistical forecasting to estimate future sales, helping them make informed decisions about inventory and staffing. Essentially, it’s about using numbers and trends from the past to get a clearer picture of what’s likely to come.