Statistical Methods for Forecasting

Statistical methods for forecasting involve analyzing historical data to identify patterns or trends that can predict future outcomes. Techniques like regression analyze relationships between variables, while time series methods examine data points collected over time to detect seasonal effects or long-term trends. These methods help businesses and researchers make informed predictions about sales, weather, economic indicators, and more. Essentially, they use mathematical models to interpret past data accurately and generate well-founded forecasts, aiding decision-making and planning.