Forecasting is the process of making predictions based on past and present data. Later these can be compared (resolved) against what happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results creating a variance actual analysis. Prediction is a similar but more general term. Forecasting might refer to specific formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods or the process of prediction and resolution itself. Usage can vary between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period.
Risk and uncertainty are central to forecasting and prediction; it is generally considered a good practice to indicate the degree of uncertainty attaching to forecasts. In any case, the data must be up to date in order for the forecast to be as accurate as possible. In some cases the data used to predict the variable of interest is itself forecast.[1] A forecast is not to be confused with a Budget; budgets are more specific, fixed-term financial plans used for resource allocation and control, while forecasts provide estimates of future financial performance, allowing for flexibility and adaptability to changing circumstances. Both tools are valuable in financial planning and decision-making, but they serve different functions.
^French, Jordan (2017). "The time traveller's CAPM". Investment Analysts Journal. 46 (2): 81–96. doi:10.1080/10293523.2016.1255469. S2CID 157962452.
Telecommunications forecasting Transport planning and forecasting Weather forecasting, flood forecasting and meteorology In several cases, the forecast is either...
information to the forecast. While increasing accuracy of forecasting models implies that humans may no longer be needed in the forecasting process at some...
with Forecast All pages with titles containing Forecast All pages with titles beginning with Forecasting All pages with titles containing Forecasting Forecast...
Energy forecasting includes forecasting demand (load) and price of electricity, fossil fuels (natural gas, oil, coal) and renewable energy sources (RES;...
Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for...
Affective forecasting, also known as hedonic forecasting or the hedonic forecasting mechanism, is the prediction of one's affect (emotional state) in...
and Forecasting is a scientific journal published by the American Meteorological Society. Articles on forecasting and analysis techniques, forecast verification...
health forecasting project is forecasting the risk of exacerbation for people with chronic obstructive pulmonary disease (COPD). COPD health forecasts are...
§ Determine cash flow for each forecast period for more detailed discussion, and other considerations; also Cash flow forecasting. There is an extensive literature...
2023. Bradford, Marlene (2001). "Tornado Forecasting to 1940". Scanning the Skies: A History of Tornado Forecasting. University of Oklahoma Press. p. 34....
The Journal of Forecasting is a peer-reviewed academic journal published eight times per year by John Wiley & Sons. The journal was established in 1982...
Political forecasting aims at forecasting the outcomes of political events. Political events can be a number of events such as diplomatic decisions, actions...
technology. Short-term forecasting can also be considered fad forecasting. Two types of fashion forecasting are used: short-term forecasting, which envisions...
probabilistic forecasting is a type of probabilistic classification. Weather forecasting represents a service in which probability forecasts are sometimes...
telecommunications service providers perform forecasting calculations to assist them in planning their networks. Accurate forecasting helps operators to make key investment...
History of Weather Forecasting. Archived 3 May 2007 at the Wayback Machine Retrieved on 15 April 2007. NASA. Weather Forecasting Through the Ages. Archived...
A forecast model or forecasting model may refer to the mathematical model used in forecasting, see Forecasting#Categories_of_forecasting_methods the specific...
variable being measured. An example of a model for forecasting demand is M.Roodman's (1986) demand forecasting regression model for measuring the seasonality...
Demand forecasting Forecast bias Sales and operations planning C. W. Chase "Demand-Driven Forecasting: A Structured Approach to Forecasting" Chapter 4, Wiley...
Institute of Forecasters. Its objective is to "unify the field of forecasting and to bridge the gap between theory and practice, making forecasting useful and...
Generally, the solar forecasting techniques depend on the forecasting horizon Nowcasting (forecasting 3–4 hours ahead), Short-term forecasting (up to seven days...
to shrink by 4.4%. Calculating demand forecast accuracy Errors and residuals in statistics ForecastingForecasting accuracy Mean squared prediction error...
The Forecast is an indie rock band from Peoria, Illinois. The Forecast's sound is most recognizable for containing strong two and three part harmonies...
Business Forecasting is a quarterly peer-reviewed academic journal covering business forecasting that is published by the Institute of Business Forecasting &...
Korean) Forecasting Love and Weather at JTBC Studios Forecasting Love and Weather at HanCinema Forecasting Love and Weather on Netflix Forecasting Love and...
breakthroughs in weather forecasting were achieved. An important branch of weather forecasting is marine weather forecasting as it relates to maritime...
anticipated payments and receivables. Several forecasting methodologies are available. Cash flow forecasting is an element of financial management. Maintaining...
Ensemble forecasting is a method used in or within numerical weather prediction. Instead of making a single forecast of the most likely weather, a set...
Global Information