Forecasting is an important problem that spans many fields, including business and industry, government, economics, environmental sciences, medicine, social science, politics, and finance. Forecasting problems are often classified as short term, medium term, and long term. Short-term forecasting problems involve predicting events only a few time periods (days, weeks, and months) into the future. Medium-term forecasts extend from 1 to 2 years into the future, and long-term forecasting problems can extend beyond that by many years.
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