Whar are the algorithms used in forecasting. How best fit model works?

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Forecasting algorithms include ARIMA, exponential smoothing, and machine learning models. Best fit model minimizes error between predicted and actual values.

Common forecasting algorithms include ARIMA, exponential smoothing, and machine learning models like random forests or neural networks
ARIMA (AutoRegressive Integrated Moving Average) is a popular time series forecasting method that takes into account past values and trends
Exponential smoothing assigns exponentially decreasing weights to past observations, with different variations like simple, double, or triple exponential smoothing
Machine learning models use historical data to make predictions, such as random forests or neural networks
The best fit model minimizes the error between predicted values and actual values, often using metrics like Mean Squared Error or Mean Absolute Percentage Error

Whar are the algorithms used in forecasting. How best fit model works?

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