Forecasting Models
Forecasting models are statistical models that use historical data and other relevant variables to predict future trends and events. These models are used in various fields, including finance, economics, marketing, and supply chain management, to make informed decisions and plan for the future. Forecasting models can be classified into two main categories: qualitative and quantitative. Qualitative models are based on expert opinions and subjective judgments, while quantitative models use mathematical and statistical techniques to analyze data and make predictions. Some common types of quantitative forecasting models include time series analysis, regression analysis, and machine learning algorithms such as neural networks and decision trees.
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