A Realized Prediction
Research the concepts of forecasting and predictions in a business or innovation context According to Data Science Blog, a prediction is where you used for “estimating the outcomes for unseen data” while forecasts also estimate outcomes but use a time series. The difference between these two is this temporal element (Döring, 2018) . With innovations in mind, this can be seen as forecasting relating to ideas that correspond to how the environment is currently trending. For example, I can see that cell phone accessories were created when cell phone usage was beginning to boom. Predictions will be those ideas that are thought of outside of the box. Trends and current factors will not necessarily be a part of their creation. While ideas generated via forecasts are very useful and practical, when an idea created out of the box is found very useful it can be seen as more of a ...
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