Advanced Forecasting Techniques

Forecasting is the process of anticipating future events. It is a common human activity, but it has grown in importance with better communication and more access to information through technology. As forecasting becomes more accurate, its implications for society grow as well since forecasts are used in formulating plans and making decisions about resources allocation (e.g., economic planning). Forecasts may be based on experience or knowledge using various techniques such as intuition and judgment; statistical analysis including regression models or other data-driven approaches like time series extrapolation; econometric modeling which tries to establish causal relationships between different variables.