The Art of Forecasts and Predictions

The arts of forecasting is the determination of the best fitting model with the most adequate parameters for a given business goal. There is a large set of models in AI and further emerging technologies, such as blockchain, IoT, serverless computing etc. to be discovered.

Modeling Forecasts

All models will perform differently depending on which application domain they are applied to. The job of the forecaster is to compare those models most suitable for a given issue and to optimize the parameters of the model. The next figure shows an hierarchical overview of widely used forecasting methods and the underlying taxonomy (see Fig. 1):

Industrial Branches

Potentially each industrial branch is affected by the potential for competitiveness. We now focus on three branches in order to demonstrate the potential of the application of products and services of PROQNOSTIX:

  • Banking Industry:
    • Forecastings for investments in the stock markets
    • Forecastings of the creditworthiness
  • Geodata
    • Real estate prices
    • Demographics
    • etc.
  • Marketing
    • Search Engine Optimization
    • Social Media Analysis
    • etc.