Predictive modelling & forecasting
Predictive modelling and forecasting are very important parts in all information system. This is used to help both organisations and companies predict based upon current and previous information the future. This is used for companies retailing food, they will access and view old prices to sell and the cost to buy over a period of years, then use this to determine the price they should be currently selling at successful.
With this companies can access old records and pro-activity act upon changes in the current climate.