You might have wondered the difference between prediction and forecasting. Forecasting is an estimation of future events which one can make by incorporating and casting forward data related to the past. In contrast, Prediction is an estimate of future events driven only by subjective considerations. 

Forecasting is a key tool as it helps make accurate predictions of future events backed with data which is of great importance for firms in order to estimate the future demand and make decisions on the manufacturing of the supply chain. However, it can generate inaccurate forecasts, especially if carried out by humans, as there may be various biases which affect the judgement of the people carrying it out.

This experiment is carried out by @ University Research Team in order to study the biases that may affect forecasters’ judgement under different environmental conditions.

By completing this competition you will help to find ways to make forecasts more accurate and less biased affected.