Amazon Forecast

Overview of Amazon Forecast features, use cases and pricing

Amazon (AWS) Forecast is a time-series forecasting service based on machine learning (ML) and built for business metrics analysis. Some of the Feature of Forecast

  • Automatically include local weather information
  • Works with any historical time series data to create accurate forecasts
  • Automated machine learning
  • Easily evaluate the accuracy of your forecasting models
  • Visualize forecasts
  • Generate probabilistic forecasts

How it Works

Amazon Forecast Workflow

Use Cases

Amazon Forecast is used for Demand Forecasting and Time series Forecasting applications. Some of the use cases are

  1. Add ML forecasting to your SaaS solutions
  2. Optimize product demand planning
  3. Manage resources efficiently

Getting Started

Tutorials, Documentation, Hands on Training – https://aws.amazon.com/forecast/resources/

Amazon Forecast Pricing

Amazon Forecast is a fully managed, time-series-forecasting service that uses the same machine learning (ML) technology used at Amazon.com. With Amazon Forecast, you pay only for what you use; there are no minimum fees and no upfront commitments. There are three different types of costs in Amazon Forecast:

Generated forecasts – A forecast is a prediction of future values for a single time series over any time horizon

Data storage: Cost for each GB of data stored and used to train your models by Amazon Forecast.

Training hours – Cost for each hour of training required for a custom model based on data provided by customers.

Following is an example of utilizing Amazon Forecast for Claims processing. Assume an insurance company would like to forecast claims for 5000 customers across 10 different products, following is the cost

Cost TypePricingUsage Cost
100 GB of data imported$0.088 per GB100 GB x $0.088 per GB = $8.8
24 training hours$0.24 per hour24 hrs x $0.24 per hr = $5.76
50k forecast points
(5000 customers x 10 products)
$2 per 1000 forecast data points for the first 100K forecast data points50K forecasts x $2 per 1000 forecasts = $100
Total cost = $116.56
Amazon Forecast Pricing Calculator

More details found in https://aws.amazon.com/forecast/pricing/

For more information about other AWS Machine Learning , AI services, check out our post – https://www.cloudinfonow.com/aws-ml-ai-services/