Forecasting
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Forecasting plays a critical role in various domains, enabling organizations to anticipate future events and make informed decisions. Artificial Intelligence (AI) has significantly enhanced forecasting capabilities by leveraging advanced algorithms and techniques. AI-powered forecasting models can analyze vast amounts of data, identify patterns, and generate accurate predictions. Whether in market trading, sports prediction, seismology, meteorology, warehousing, operations and maintenance, risk management, insurance, politics, transportation, or car price prediction, AI algorithms analyze vast amounts of data and patterns to provide accurate forecasts. These advancements in AI-powered forecasting models contribute to improved strategies, enhanced operational efficiency, and better decision-making across industries. Let's explore how AI is used in forecasting across different domains:
- Market Trading: AI is extensively used in market trading to forecast stock prices, market trends, and investment opportunities. Machine learning algorithms analyze historical market data, news articles, social media sentiment, and other relevant factors to predict stock price movements. AI-powered trading systems can identify patterns and anomalies, optimize trading strategies, and make real-time decisions based on market conditions.
- Sports Prediction: AI algorithms are employed in sports analytics to forecast match outcomes, player performance, and team rankings. By analyzing historical data, player statistics, and other variables, AI models can predict the likelihood of a team winning a match or estimate the performance of individual players. These predictions assist sports organizations in strategizing, making team selections, and evaluating player acquisitions.
- Seismology: AI techniques are utilized in seismology to predict earthquakes and assess seismic risks. AI algorithms analyze seismic data, geological information, and historical earthquake patterns to identify precursors and forecast the likelihood and magnitude of future earthquakes. These forecasts help in disaster preparedness, infrastructure planning, and risk mitigation strategies.
- Meteorology: AI has revolutionized weather forecasting by enabling more accurate predictions. AI algorithms process vast amounts of meteorological data, satellite imagery, and climate models to forecast weather conditions such as temperature, rainfall, and storm patterns. These forecasts aid in disaster management, agricultural planning, and resource allocation for industries that are weather-dependent.
- Warehousing: AI is employed in forecasting demand and optimizing inventory management in warehouses. Machine learning algorithms analyze historical sales data, market trends, and external factors to predict future demand for products accurately. These forecasts help in optimizing inventory levels, reducing stockouts or overstock situations, and streamlining supply chain operations.
- Operations & Maintenance: AI-powered forecasting is utilized in operations and maintenance to predict equipment failures and optimize maintenance schedules. By analyzing sensor data, historical maintenance records, and operational parameters, AI models can forecast when equipment is likely to require maintenance or replacement. These predictions enable organizations to plan maintenance activities, minimize downtime, and optimize asset utilization.
- Risk, Compliance and Regulation: AI assists in forecasting risks, compliance violations, and regulatory changes in various industries. Machine learning algorithms analyze historical data, industry trends, and regulatory information to predict potential risks, detect anomalies, and identify compliance issues. These forecasts help organizations in proactive risk management, regulatory compliance, and decision-making processes.
- Insurance: AI is used in the insurance industry to forecast risks, estimate claim likelihood, and set insurance premiums. By analyzing historical data, customer behavior, and external factors, AI models can predict the likelihood of future claims and assess risk levels. These forecasts assist insurance companies in underwriting decisions, pricing policies, and managing risk portfolios effectively.
- Politics: AI-powered forecasting is employed in political analysis to predict election outcomes, public opinion trends, and voter behavior. By analyzing historical election data, surveys, and social media sentiment, AI algorithms can forecast electoral results, identify swing states, and understand the factors that influence voter choices. These forecasts aid political campaigns, polling agencies, and policymakers in strategic decision-making.
- Transportation (Autonomous Vehicles): AI plays a crucial role in forecasting traffic conditions, optimizing routes, and enhancing safety in autonomous vehicles. By analyzing real-time traffic data, historical patterns, and sensor inputs, AI algorithms can predict traffic congestion, road conditions, and potential hazards. These forecasts help autonomous vehicles make informed decisions, improve navigation efficiency, and ensure passenger safety.
- Car Price Prediction: AI is utilized in forecasting car prices, resale values, and market trends in the automotive industry. Machine learning algorithms analyze historical sales data, market demand, and vehicle attributes to predict future car prices accurately. These forecasts assist car manufacturers, dealerships, and consumers in making informed decisions regarding pricing, purchasing, and selling vehicles.
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Contents
- 1 Qualitative Forecasting
- 2 Quantitative Forecasting
- 2.1 Time Series Forecasting
- 2.1.1 Time Series AutoML
- 2.1.2 Time Series Forecasting - Statistical
- 2.1.2.1 Autoregression (AR)
- 2.1.2.2 Moving Average (MA)
- 2.1.2.3 Autoregressive Moving Average (ARMA)
- 2.1.2.4 Autoregressive Integrated Moving Average (ARIMA)
- 2.1.2.5 Seasonal Autoregressive Integrated Moving-Average (SARIMA)
- 2.1.2.6 Seasonal Autoregressive Integrated Moving-Average with Exogenous Regressors (SARIMAX)
- 2.1.2.7 Vector Autoregression (VAR)
- 2.1.2.8 Volume Weighted Moving Average (VWMA)
- 2.1.2.9 Vector Autoregression Moving-Average (VARMA)
- 2.1.2.10 Vector Autoregression Moving-Average with Exogenous Regressors (VARMAX)
- 2.1.3 Smoothing
- 2.1.4 Time Series Forecasting - Deep Learning
- 2.1 Time Series Forecasting
- 3 Demand Forecasting
Qualitative Forecasting
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Delphi
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Quantitative Forecasting
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Time Series Forecasting
- How to Tune LSTM Hyperparameters with Keras for Time Series Forecasting | Matt Dancho
- How (not) to use Machine Learning for time series forecasting: Avoiding the pitfalls | Vegard Flovik KDnuggeets
- How (not) to use Machine Learning for time series forecasting: Avoiding the pitfalls | Vegard Flovik - KDnuggets
- Time Series Prediction - 8 Techniques | Siraj Raval
- Amazon Forecast | AWS
- 7 Ways Time-Series Forecasting Differs from Machine Learning | Roman Josue de las Heras Torres
- Finding Patterns and Outcomes in Time Series Data - Hands-On with Python | ViralML.com
- Applying Statistical Modeling and Machine Learning to Perform Time-Series Forecasting | Tamara Louie
- Stationarity in time series analysis | Shay Palachy - Towards Data Science
- [https://www.youtube.com/
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Time Series AutoML
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Time Series Forecasting - Statistical
Classical time series forecasting methods may be focused on linear relationships, nevertheless, they are sophisticated and perform well on a wide range of problems, assuming that your data is suitably prepared and the method is well configured. 11 Classical Time Series Forecasting Methods in Python (Cheat Sheet) | Jason Brownlee - Machine Learning Mastery
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Autoregression (AR)
YouTube search... ...Google search
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Moving Average (MA)
YouTube search... ...Google search
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Autoregressive Moving Average (ARMA)
YouTube search... ...Google search
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Autoregressive Integrated Moving Average (ARIMA)
YouTube search... ...Google search
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Seasonal Autoregressive Integrated Moving-Average (SARIMA)
YouTube search... ...Google search
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Seasonal Autoregressive Integrated Moving-Average with Exogenous Regressors (SARIMAX)
YouTube search... ...Google search
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Vector Autoregression (VAR)
YouTube search... ...Google search
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Volume Weighted Moving Average (VWMA)
YouTube search... ...Google search
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Vector Autoregression Moving-Average (VARMA)
YouTube search... ...Google search
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Vector Autoregression Moving-Average with Exogenous Regressors (VARMAX)
YouTube search... ...Google search
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Smoothing
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Simple Exponential Smoothing (SES)
YouTube search... ...Google search
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Holt's Exponential Smoothing
YouTube search... ...Google search
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Winter's (Holt-Winter's) Exponential Smoothing (HWES)
YouTube search... ...Google search
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Time Series Forecasting - Deep Learning
Applying deep learning methods like Multilayer Neural Networks and Long Short-Term Memory (LSTM) Recurrent Neural Network models to time series forecasting problems.| Jason Brownlee - Machine Learning Mastery
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Demand Forecasting
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