Introduction to Forecasting in Data Science
source link: https://towardsdatascience.com/introduction-to-forecasting-in-data-science-676db9b55621?gi=621926265aa
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F orecasting is to predict or estimate (a future event or trend). For businesses and analysts forecasting is determining what is going to happen in the future by analyzing what happened in the past and what is going on now.
Let’s think about how forecasting is applicable and where it’s required. Forecasting can be key when deciding whether to build a dam, or a power generation plant in the next few years based on forecasts of future demand; I’ve used forecasting at one of my former workplaces to help in scheduling staff in a call center for the coming week based on call volumes at certain days and certain times. Another area I’ve applied forecasting is telling a business when to stock up and on what they should stock for this was purely based on demand for the product.
I bet you’ve used forecasting before you read this, maybe not in the same cases as mine but I’m 100% sure you have. Have you ever looked at the weather and realized you’re overdressed or under dressed? That is forecasting!
EASY right?
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