forecasting

Process of making predictions of the future based on past and present data and most commonly by analysis of trends

EntityQ7216332

Subclass of: prediction

Overview

From Wikipedia, the free encyclopedia · Read full article · Text CC BY-SA 4.0

Forecasting is the process of making predictions based on past and present data. These forecasts can later be compared with actual outcomes. 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 assessment of its accuracy. 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.

Overview

All data

30 statements · 17% with external sources · numbers in brackets are citations

Different from: prognostics
planning
Facet of: strategic planning
social science
Has characteristic: predictability

Data quality

statements

17%

externally sourced

Source last edited October 3, 2026. AIDB refreshes this page daily.

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AIDB. (2026). forecasting (Q7216332). Retrieved from https://aidb.si/e/forecasting-Q7216332