Forecasting With Big Data: A Review

Forecasting With Big Data: A Review

Adline Rajasenah Merryton, Gethsiyal Augasta. M

Adline Rajasenah Merryton, Gethsiyal Augasta. M "Forecasting With Big Data: A Review" Published in International Journal of Trend in Research and Development (IJTRD), ISSN: 2394-9333, Special Issue | ICICT-17 , September 2017, URL:

Nowadays the forecasting approach shapes up on theimprovements in economic measurements. Recent studiesrecord that Big Data is a new variety of strategic resource in thedigital era and a key factor to drive innovation which ischanging the ways of mankind. The recent demonetization hasseen an increase in the fertile importance of risk management inorganizations and firms. At this point, huge organizations findthat Big Data is useful in Risk Management whilst Big Dataforecasting has the power to improve their performance whichin turn enables better Risk Management. The capturing,cleaning, integrating, storing, processing, indexing, searching,sharing, transferring, mining and visualization of large volumesof fast moving highly complex data are identified as the majorchallenges which obstruct the process of forecasting using BigData. As per the reviews Big Data has deeply rooted in thefields of Business, Economics, Population Dynamics, Weather,Crime and so on. The standard tools adopted for forecastingwith Big Data are Time Series Regression Model, FactorModels, Neural Networks, Simulation Models and BayesianModels. This paper deals with a study on the use of Big Data inforecasting through Reviews, Techniques, Tools, Fields,challenges and applications.

Forecasting, Techniques, Regression, Decomposition Forecasting, Challenges

Special Issue | ICICT-17 , September 2017


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