Estimation

Estimation; It is a family of techniques that want to predict what will happen in the future by using historical data as input. Companies need to plan their next move, create a budget, etc. It is a perspective that provides situations. Managers, finance teams, human resources teams, etc. functions; financial plans, needs, logistics, resources, personnel expenses, etc. They use forecasting outputs to predict and evaluate situations.

The estimation method used also differs according to the structure of the data to be estimated. If the data includes a time variable, time series analysis, if our dependent variable is timed, regression methods, and if our dependent variable takes categorical values, classification algorithms can be preferred.

According to the project objectives, results are obtained in different scopes. For example;

Calculating the optimum stock requirement using the temporal data of raw material stocks in a factory,
Predicting when a machine may fail,
Forecasting the next expenditure of the customer,
Determining the optimum salary level for employees,
Analyzes that can cover very different functions can be made for many different target groups/stakeholders, such as predicting which employee has the intention to leave.