Almost all managerial decisions are based on forecasts. Every decision becomes operational at some point in the future, so it should be based on forecasts of future conditions. The ability to model and perform decision modeling and analysis is an essential feature of many real-world applications ranging from emergency medical treatment in intensive care units to military command and control systems. Existing formalisms and methods of inference have not been effective in real-time applications where tradeoffs between decision quality and computational tractability are essential. In practice, an effective approach to time-critical dynamic decision modeling should provide explicit support for the modeling of temporal processes and for dealing with time-critical situations.
Forecasting and time series modeling is a science and an art on its own. It demands a wide range of techniques and skills. In addition, neural networks and automated ML modeling have drastically changed the scale of forecasting. Big is nowadays assumed and continuous feedback loops altering the forecasting models is common. Still, to achieve all of this demands a considerable investment from businesses, both in terms of cost and expertise build-up. Orbifold Consulting can help you both with concrete technical solutions and with business advice.