Question

What do you understand by cyclical variation in forecasting ? explain with example?

Answer 1

Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends. A commonplace example might be estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term. Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods. Usage can differ between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period.

Answer 2

Cyclical variation in forecasting:

• Forecast is defined as future prediction based on present and past recent data.
• The forecast in terms of cyclical variation is recurrent analysis in the two or years.
• The prediction are done which are regular in neither in amplitude and nor in time series.
• This is statistical analysis on probability basis, used widely in various industrial sector.
• The example may be number of time the expectation on climatic changes in terms of rainfall or number of times the profit can be done in  the near future by changing any influencing feature of the product.

To know more:

List any three ways by which weather forecasting can be useful

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