1. A computer-implemented method for forecasting characteristics of a target item comprising: generating, by one or more processors, forecast data for a target item based on historical data related to the target item, the forecast data representing a forecast for characteristics of the target item; analyzing, by the one or more processors, a subset of the historical data within an observation window to determine whether the forecast data should be updated with new forecast data; and generating, by the one or more processors, the new forecast data for the target item responsive to a determination that the forecast data should be updated with the new forecast data.