BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Forecasts are predictions about what will happen in the future based on information currently available. As such, they are exercises of imagination, which studies have shown are rarely correct in their particulars. Despite being reliably incorrect, savvy leaders can find strategic value from forecasts.

Detailed explanation-2: -Forecasting is a popular but difficult problem in data science. Challenges arise for several reasons, from non-stationarity to noise and missing values. Tackling these issues may be pivotal for improving forecasting performance.

Detailed explanation-3: -In statistics, the accuracy of forecast is the degree of closeness of the statement of quantity to that quantity’s actual (true) value. The actual value usually cannot be measured at the time the forecast is made because the statement concerns the future.

Detailed explanation-4: -Forecast accuracy is the degree to which sales leaders successfully predict sales (in both the long and short term). Accurate sales forecasts are essential for making key decisions about short-term spending and deals for key accounts.