What is meant by forecast result?
The term "forecast result" refers to the outcomes of a forecasting analysis, where future values or events are estimated based on historical data and specific modeling methods. Forecast results provide insights into future developments and assist businesses in planning and decision-making by predicting future trends, demands, or performances.
Typical software functions in the area of "forecast result":
- Modeling: Creation and adjustment of forecasting models, such as regression analyses, time series analyses, or machine learning.
- Forecast Generation: Production of future values or events based on forecasting models and historical data.
- Scenario Analysis: Conducting analyses under various assumptions or scenarios to understand the impact of different future conditions.
- Result Visualization: Presentation of forecast results in the form of charts, graphs, or dashboards for better interpretation and communication of predictions.
- Error Analysis: Evaluation of forecast accuracy by comparing predictions with actual results and calculating error rates or deviations.
- Reporting: Creation of detailed reports on forecast results for internal and external stakeholders.