Time series forecasting is the process of analyzing time series data using statistics and modeling to make predictions and inform strategic decision-making. 

Time series forecasting occurs when you make scientific predictions based on historical time stamped data. It involves building models through historical analysis and using them to make observations and drive future strategic decision-making. An important distinction in forecasting is that at the time of the work, the future outcome is completely unavailable and can only be estimated through careful analysis and evidence-based priors.