Forecasting is a method that uses already available data as inputs to create informed foresight about the direction of future trends. Industries use forecasting to determine how to designate their resources or plan for predicted costs in the future. Forecasting is concerned with a specific problem or set of facts. Based on the elements discovered, an appropriate data set is chosen and employed in information manipulation. The data is evaluated, and a forecast is made. A verification phase happens during which the prediction is compared to the actual outcomes in order to build a more accurate model for future forecasting.