Probabilistic forecasting is a method used in statistics and data analysis to predict future outcomes or events by assigning probabilities to different possible outcomes. This approach takes into account uncertainty and variability in the data, providing a range of potential outcomes along with their likelihood of occurrence. Probabilistic forecasting is particularly useful in situations where traditional deterministic forecasting methods may be insufficient, such as in weather forecasting, financial forecasting, and risk management. By incorporating probabilistic forecasts, decision-makers can better understand the range of possibilities and make more informed choices.