Amazon Forecast is a fully managed service that automates time series forecasting using machine learning. It improves accuracy by incorporating large volumes of historical data and related independent variables such as pricing, promotions, and holidays. The forecasting process includes data collection, preparation, predictor creation, evaluation, and deployment. Amazon Forecast supports probabilistic forecasting, backtesting, and various accuracy metrics like Weighted Quantile Loss (wQL) and Root Mean Square Error (RMSE). By leveraging deep learning models like DeepAR+ and CNN-QR, businesses can generate more reliable demand forecasts, optimize inventory management, and enhance decision-making in supply chain operations.

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