Predictive Modelling & Forecasting

Luke Symmonds

Predictive Modelling

This is when there is a model is either created or chosen to be able to predict the probability of the outcome. Emails use a predictive modelling to be able to predict if the email is spam or not. It functions by analyzing the historical data and the current data and when will use this data to be able to predict the future outcomes.
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Forecasting

Forecasting is basically how to allocate budgets for an upcoming period of time. This is typically based on demand for the goods and services it offers, compared to the cost of producing them. Investors utilize forecasting to determine if events affecting a company, such as sales expectations, will increase or decrease the price of shares in that company.

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