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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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