From the course: Everyday Statistics, with Eddie Davila

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Forecasting

Forecasting

From the course: Everyday Statistics, with Eddie Davila

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Forecasting

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- [Instructor] Data scientists in every field love to develop forecasts. In sports, analysts try to forecast team outcomes and individual player development. In business, there are forecasts for stock markets and consumer demand. Those in the fields of epidemiology and agriculture develop forecasts to help us create better plans for our society. And of course, there are weather forecasts. Are these forecasts good or bad? Opinions differ, of course. Professionally, people seem to fall into two categories. One group hates forecasts because they claim the forecasts are always wrong. These people, they don't even look at the numbers. Forecasts goes straight into the recycle bin. These people have no use for forecasts. They go with their gut feeling, and they love to mock the forecasting team. The other group loves forecasts, and can't seem to get enough of them. You might even say that they let the forecast make the…

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