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Master AWS Certified Solutions Architect Associate SAA-C03 Exam

Amazon Forecast

Discover how to utilize Amazon Forecast to create precise future trend predictions using historical and related data. Learn the core components such as datasets, predictors, and forecast explanations. Understand the process from data preparation to forecast evaluation, and explore use cases in retail, workforce planning, and travel demand forecasting.

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Amazon Forecast uses advanced machine learning to predict future trends accurately, empowering businesses to make informed decisions and confidently optimize operations.

Introduction to Amazon Forecast

Amazon Forecast is fully managed service that employs machine learning to produce highly precise forecasts for time-series data. Time-series forecastingTime series forecasting involves predicting future values over a given timeframe by analyzing past data trends. is valuable in numerous sectors, including retail, finance, logistics, and healthcare. Amazon Forecast can be utilized to anticipate future trends and needs in different scenarios, such as predicting product demand, planning workforce schedules, estimating travel needs, and determining server requirements.

Core components

Amazon Forecast is built on four main elements:

  • Datasets: These are the data collections we supply to Amazon Forecast for training and making predictions. There are three dataset types: historical data, which includes the time-series information we wish to predict; related data, which encompasses additional details that might influence the predictions, like product characteristics, holidays, or sales events; and item data, which holds ...