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Forecast Model
A forecast model is a structured method for using data and assumptions to estimate the probability or future value of an outcome. Models may range from relatively straightforward statistical approaches to more complex systems.
Why it matters to you
Models can help make forecasting more consistent and less dependent on intuition. But a model is only as useful as its: data, assumptions, methodology, and relevance to the question being asked. A sophisticated model built on poor assumptions can still produce a poor forecast.
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