Forecasting

Forecasting in statistics refers to the process of making predictions about future values or trends based on historical data and patterns. It involves using statistical models, techniques, and methods to estimate future outcomes or trends in a time series or set of data points. The primary goal of forecasting is to make informed decisions or plans by leveraging the information available from past observations.

Forecasting often deals with time-ordered data, where observations are recorded sequentially over time. Examples include stock prices, sales data, weather measurements, and more.

BioStat Prime has leveraged the use of its computing capacity by using R programming language because R provides numerous packages and functions specifically designed for time series forecasting.