Introduction

People have consistently been extraordinary anticipators, due to the necessity of bread and butter from the beginning. Humans have predominant physical qualities, and they are keen observers. In any situation, we all homo sapiens are the extraordinary organizers, a feature that has given us points of interest for the field of forecasting.

For various reasons there is always a need for making predictions and forecasting is very much required in daily life. Forecasting may be future planning in the form of 1 day, 1 month or 1 year and so on based on the present time and situation.

Forecasting is done according to different sectors and different situations, for example, in the agriculture sector while planting the seeds for definite crops in particular season, the farmer forecasts for better harvesting results.

Another example can be taken from the energy world where forecasting is used to decide the number of power generation plants to be set up as required in the future. Similarly, many other examples can be cited to show the necessity of forecasting.

Let us have a look at different fields or sectors where we are using forecasting.