Prediction and Forecasting

The video tutorial explains the concepts of prediction and forecasting, highlighting the difference between the two. Prediction involves estimating future events, while forecasting is a type of prediction based on past data. Examples include stock price predictions and Azure's cost forecasting. The tutorial also prepares viewers for certification exams by discussing scenarios where prediction and forecasting are applied, such as flight arrival times and vehicle repair costs. The importance of using accurate data for AI models to make reliable forecasts is emphasized.

What is the main difference between prediction and forecasting?

• Forecasting is a type of prediction that does not use data.

• Prediction is always based on data, while forecasting is not.

• Forecasting relies on historical data, while prediction may not.

• Prediction is more accurate than forecasting.

How does an AI model typically predict stock price changes?

• By using historical data to make informed predictions.

• By guessing based on current trends.

• By analyzing only the current stock price.

• By predicting random values.

What does Azure use to forecast your monthly bill?

• The number of services you have subscribed to.

• Your previous usage data and events.

• The average bill of other users.

• A fixed rate for all users.

Which factors are considered when predicting if a flight will arrive on time?

• The pilot's experience.

• The airline's reputation.

• Weather conditions and air traffic volume.

• The number of passengers on board.

What is necessary to accurately predict the repair cost of a vehicle accident?

• The color of the vehicle.

• The driver's age.

• Historical data on similar accidents.

• The vehicle's brand.