Introduction to Forecasting
Forecasting is the process of making predictions about the future based on past and present data.
Why Forecast?
- Better decisions – plan ahead with data-driven insights
- Risk management – anticipate problems before they happen
- Resource allocation – optimise budgets, staffing and inventory
Types of Forecasting
| Type | Description |
|---|---|
| Quantitative | Uses numerical data and statistical models |
| Qualitative | Relies on expert judgement and opinions |
When is Forecasting Useful?
Forecasting is valuable whenever you need to plan for the future — whether that's predicting next month's sales, estimating energy demand, or preparing for patient admissions in a hospital.