Forecasting
Forecasting is the process of making predictions about future events based on historical data and analysis of trends. In data science, forecasting is a common technique used to predict future values of a variable based on its past behavior. This can be done using various statistical and machine learning models, such as time series analysis, regression analysis, and neural networks. Forecasting is used in a wide range of applications, including finance, economics, marketing, and operations management. It is an important tool for decision-making, as it allows businesses to anticipate future demand, plan for inventory and production, and allocate resources effectively.
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