How to do forecasting with small dataset?


Forecasting with small datasets can be challenging, as many traditional methods require larger amounts of data for accurate predictions.
Here are few approaches that can help you.

Simple moving average: This involves taking the average of a certain number of past data points, and using it as the forecast for the next period. This method can be effective for stable time series with no trend or seasonality.

Exponential smoothing: This method assigns exponentially decreasing weights to past observations, with more recent observations being given more weight. This method can be effective for time series with trend and/or seasonality.

ARIMA: The AutoRegressive Integrated Moving Average (ARIMA) model is a popular choice for time series forecasting. It can be effective for small datasets if the underlying data follows a pattern that can be modeled using an ARIMA model.