Niranjan Sivalingam : LOWESS (Locally Weighted Scatterplot Smoothing) aka LOESS (Locally weighted smoothing) is a popular tool used in regression analysis that creates a smooth line through a time plot or scatter plot to help you to see relationship between variables and foresee trends.
The main difference with respect to the first is that lowess allows only one predictor, whereas loess can be used to smooth multivariate data into a kind of surface. While the default for lowess is to use the tricube weighting, loess carries out an unweighted fit by default.