Predictive modelling & forecasting

Predictive modelling is the process of creating, testing and making sure that you are able to predict what the outcome might be. So if you are bringing a new product out for a business you will look at all the potential impacts which could be downfalls and benefits, you basically study if its worth doing something or not. Forecasting is basically doing the same. When you are forecasting what you do is you research and look at all the potential benefits and downfalls, and then you are able to make a decision if it's worth doing. In a business you would be able to forecast products to see if they bring any benefits or potential downfalls.