Prediction and Forecasting

The video tutorial explains the concepts of prediction and forecasting, highlighting the difference between the two. Prediction involves estimating future events, while forecasting is a type of prediction based on past data. Examples include stock price predictions and Azure's cost forecasting. The tutorial also prepares viewers for certification exams by discussing scenarios where prediction and forecasting are applied, such as flight arrival times and vehicle repair costs. The importance of using accurate data for AI models to make reliable forecasts is emphasized.

How does Azure forecast monthly bills based on previous data?

In the context of vehicle accidents, what parameters are used to determine the likely repair cost?