US Patent 11928616 Method and system for hierarchical forecasting

A system and method for generation of automated forecasts for a subject based on one or more input parameters. The subject located at an end node of a hierarchy. The method includes: receiving historical data associated with the subject; determining the sufficiency of the historical data based on a feasibility of building a machine learning model to generate a forecast with a predetermined level of accuracy using the historical data; building the machine learning model using the historical data when there is sufficiency of the historical data; building the machine learning model using historical data associated with an ancestor node on the hierarchy when there is not sufficiency of the historical data; generating a forecast for the subject using the machine learning model based on the one or more input parameters; and outputting the forecast.