Forecasting: Methods and Principles

What comes to your mind when you hear the words forecasting, forecasts etc? Invariably, you’ll think of weather forecasts. But forecasts are much more than that. Forecasting is the process of making predictions of the future based on past and present data and analysis of trends. It’s a process that has existed for millennia, though often with dubious methodologies… Instead of looking in to a crystal ball to predict the future we are going to employ the power of statistics!