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Forecasting on data




                                                                                    03










                      Learning Outcome



                    3.1  Forecasting
                    3.2  Analytic Studies



        In the previous chapter, you learnt about the differences between story and facts for promoting organisational goals.
        You were introduced with purpose of trial assessment in detail. In this chapter, you are going to learn about forecasting
        and observational study for prediction of future status.


        3.1 FOrecasting

        Given all the information available, including the present and the historical data, forecasting can be defined as a
        statistical task that predicts the future as accurately as possible. Forecasting means to foresee, predict or estimate (a
        forthcoming event or trend). By analysing what happened in the past and what is going on in the present, businesses'
        and analysts' forecasting determines what will happen in the future.
                                                                             Vision

                                                      Pan
                                  Visualise and Model   What should happen  Forecast
                                  Why did it happen                      What could happen


                         Value    Reporting
                                  What has happened
                                                                    Smart Prediction
                                                                    What have we learnt from the past

                                       DATA                    DATA


                                   Past            Present               Future
        Forecasting is an approach that takes data and predicts the future value of the data, looking at its distinctive trends.
        Using this as an approach, companies predict their average turnover annually, based on data from their historical data
        pool, say, that of ten years prior. Predictive analysis factors in a variety of inputs and foresees the future behaviour—
        not just a number.





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