Modeling a Scenario-Based Approach for Foresight Pharmaceuticals

Ashley Ajumoke Stewart and May Tamara Stow
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Ashley Ajumoke Stewart: University of Port Harcourt, Nigeria
May Tamara Stow: Federal University Otuoke, Nigeria

European Journal of Information Technologies and Computer Science, 2023, vol. 3, issue 3, 12-19

Abstract: Foresight plays a crucial role in strategic decision-making and planning. By envisioning multiple future scenarios, individuals and organizations can identify potential risks, opportunities, and challenges. Foresight enables proactive decision-making by considering long-term consequences and developing strategies that align with future trends. Artificial Intelligence (AI) has emerged as a powerful tool in the field of forecasting, enabling businesses and organizations to make more accurate predictions and informed decisions. AI algorithms have the capability to analyze vast amounts of data, identify patterns, and extract insights that humans might overlook. This study exemplifies the application of data AI in creating predictive models, aiding businesses in making well-informed choices. We carried out an exploratory data analysis on the pharmaceutical data to find patterns and trends in the dataset. The EDA was also used in finding relationship between the variables on the dataset. We made future forecast on the dataset for finding the trends on the dataset and forecasting future sales and revenue. Before, we do that, we carried out a statistical test on the dataset to check for accepted and rejected hypothesis. The result of the statistical test was carried out using AdaFuller test, and finally out a seasonal forecast and trends of the sales/revenue generated.

Keywords: Artificial Intelligence; Decision-Making; Foresight; Trends Discovering (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:epw:comput:v:3:y:2023:i:3:id:10113

DOI: 10.24018/compute.2023.3.3.113

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