Business Forecasting and Error Handling Using AI
description: Business forecasting is the technique of accurately predicting the future of a business and outcomes using historical data and present trends. To evaluate historical data and find patterns, trends, and other elements that might be used to forecast future events, a variety of analytical tools and techniques are used. Business forecasting is a crucial component of strategic planning because it enables businesses to foresee market changes, spot possible risks and opportunities that may arise in the future, and make wise resource allocation and investment decisions. Businesses that use effective business forecasting can plan and carry out their programs that help them stay competitive, expand their operations, and meet their objectives. According to Glueck [1], Forecasting is a formal process of predicting future events that will significantly affect the functioning of an enterprise.. 2024 Sachi Nandan Mohanty, Preethi Nanjundan and Tejaswini Kar.
creator: Nagasri V.K.; Vasantha M.; Nanjundan P.; George J.P.
source: Artificial Intelligence in Forecasting: Tools and Techniques, pp. 233-241.
publisher: CRC Press
date: 2024-01-01
rights: Restricted Access
relation: ISBN: 978-104005150-4; 978-103250615-9
format: Online
language: English
type: Book chapter
coverage: Nagasri V.K., School of Commerce Finance and Accountancy, CHRIST (Deemed to be University), Pune Lavasa, India; Vasantha M., School of Commerce Finance and Accountancy, CHRIST (Deemed to be University), Pune Lavasa, India; Nanjundan P., Department of Data Science, CHRIST (Deemed to be University), Pune Lavasa, India; George J.P., Department of Data Science, CHRIST (Deemed to be University), Pune Lavasa, India