However, we wish that our encyclopedic presentation will offer a point of reference for the rich work that has been undertaken over the last decades, with some key insights for the future of forecasting theory and practice. We do not claim that this review is an exhaustive list of methods and applications. We then demonstrate how such theoretical concepts are applied in a variety of real-life contexts. We provide an overview of a wide range of theoretical, state-of-the-art models, methods, principles, and approaches to prepare, produce, organise, and evaluate forecasts. This article provides a non-systematic review of the theory and the practice of forecasting. The large number of forecasting applications calls for a diverse set of forecasting methods to tackle real-life challenges. The uncertainty that surrounds the future is both exciting and challenging, with individuals and organisations seeking to minimise risks and maximise utilities. Forecasting has always been at the forefront of decision making and planning.
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