Forecasting and time-series data

Forecasting is a way of estimating future events, which involves analyzing historical data and past patterns to derive a possible outcome in the future. For example, based on historical data, a business can predict their sales revenue or identify what will happen in the next time period.

Forecasting plays a valuable role in guiding businesses to make informed decisions about their operations and priorities. Many organizations rely on data warehouses such as Amazon Redshift to perform deep analytics on vast amounts of historical and current data, enabling them to drive their business goals and gauge future success. Acting as a planning tool, forecasting helps enterprises prepare for future uncertainties by leveraging past patterns, with the underlying principle that what happened in the past will likely recur in the future. These predictions are based on analyzing observations over time within the given timeframe.

Here are some examples of how...