ENTREPRENEURSHIP

Detailed explanation-1: -Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends.

Detailed explanation-2: -Forecasting is the process of making predictions based on past and present data. Later these can be compared (resolved) against what happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results.

Detailed explanation-3: -What Is Predictive Analytics? The term predictive analytics refers to the use of statistics and modeling techniques to make predictions about future outcomes and performance. Predictive analytics looks at current and historical data patterns to determine if those patterns are likely to emerge again.

Detailed explanation-4: -Demand forecasting is the process of using predictive analysis of historical data to estimate and predict customers’ future demand for a product or service.