Forecasting techniques are statistical methods used to predict future events or outcomes based on historical data. Forecasting plays a vital role in various fields such as business, finance, and supply chain management. Choosing the right forecasting technique is crucial to ensure accurate and reliable predictions.
There are numerous forecasting techniques available, each with its own strengths and weaknesses. The choice of technique depends on factors such as the nature of the data, the desired level of accuracy, and the availability of historical data. Some common forecasting techniques include:
