Artificial Intelligence in Forecasting:Tools and Techniques

by: Sachi Mohanty (Editor),Preethi Nanjundan(Editor),Tejaswini Kar(Editor)&1more

Publisher: CRC Press
Edition:1st

Publication Date: 19 July 2024

Language: English

Print Length: 356 pages

ISBN-10: 1032506156

ISBN-13: 9781032506159

Book Description

Forecasting deals with the uncertainty of the future. To be effective, forecasting models should be timely available, accurate, reliable, and compatible with existing database. Accurate projection of the future is of vital importance in supply chain management, inventory control, economic condition, technology, growth trend, social change, political change, business, weather forecasting, stock price prediction, earthquake prediction, etc. AI powered tools and techniques of forecasting play a major role in improving the projection accuracy. The software running AI forecasting models use machine leaing to improve accuracy. The software can analyse the past data and can make better prediction about the future trends with higher accuracy and confidence that favours for making proper future planning and decision. In other words, accurate forecasting requires more than just the matching of models to historical data.The book covers the latest techniques used by managers in business today, discover the importance of forecasting and lea how it's accomplished. Readers will also be familiarised with the necessary skills to meet the increased demand for thoughtful and realistic forecasts.