ForecastingForecasting is the process of making predictions based on past and present data. Later these can be compared (resolved) against what happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results creating a variance actual analysis. Prediction is a similar but more general term. Forecasting might refer to specific formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods or the process of prediction and resolution itself.
Regression analysisIn statistical modeling, regression analysis is a set of statistical processes for estimating the relationships between a dependent variable (often called the 'outcome' or 'response' variable, or a 'label' in machine learning parlance) and one or more independent variables (often called 'predictors', 'covariates', 'explanatory variables' or 'features'). The most common form of regression analysis is linear regression, in which one finds the line (or a more complex linear combination) that most closely fits the data according to a specific mathematical criterion.
Inductive reasoningInductive reasoning is a method of reasoning in which a general principle is derived from a body of observations. It consists of making broad generalizations based on specific observations. Inductive reasoning is distinct from deductive reasoning, where the conclusion of a deductive argument is certain given the premises are correct; in contrast, the truth of the conclusion of an inductive argument is probable, based upon the evidence given.
Linear regressionIn statistics, linear regression is a linear approach for modelling the relationship between a scalar response and one or more explanatory variables (also known as dependent and independent variables). The case of one explanatory variable is called simple linear regression; for more than one, the process is called multiple linear regression. This term is distinct from multivariate linear regression, where multiple correlated dependent variables are predicted, rather than a single scalar variable.
Scientific theoryA scientific theory is an explanation of an aspect of the natural world and universe that can be (or a fortiori, that has been) repeatedly tested and corroborated in accordance with the scientific method, using accepted protocols of observation, measurement, and evaluation of results. Where possible, theories are tested under controlled conditions in an experiment. In circumstances not amenable to experimental testing, theories are evaluated through principles of abductive reasoning.
Future historyA future history is a postulated history of the future and is used by authors of science fiction and other speculative fiction to construct a common background for fiction. Sometimes the author publishes a timeline of events in the history, while other times the reader can reconstruct the order of the stories from information provided therein. The term appears to have been coined by John W. Campbell, Jr., the editor of Astounding Science Fiction, in the February 1941 issue of that magazine, in reference to Robert A.
ClimatologyClimatology (from Greek κλίμα, klima, "slope"; and -λογία, -logia) or climate science is the scientific study of Earth's climate, typically defined as weather conditions averaged over a period of at least 30 years. Climate concerns the atmospheric condition during an extended to indefinite period of time; weather is the condition of the atmosphere during a relative brief period of time. The main topics of research are the study of climate variability, mechanisms of climate changes and modern climate change.
HypothesisA hypothesis (: hypotheses) is a proposed explanation for a phenomenon. For a hypothesis to be a scientific hypothesis, the scientific method requires that one can test it. Scientists generally base scientific hypotheses on previous observations that cannot satisfactorily be explained with the available scientific theories. Even though the words "hypothesis" and "theory" are often used interchangeably, a scientific hypothesis is not the same as a scientific theory.
RiskIn simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".
Predictive analyticsPredictive analytics is a form of business analytics applying machine learning to generate a predictive model for certain business applications. As such, it encompasses a variety of statistical techniques from predictive modeling and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events. It represents a major subset of machine learning applications; in some contexts, it is synonymous with machine learning.
