What is forecasting?

Forecasting

Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed. A commonplace example might be estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term. Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgemental methods. Usage can differ 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.

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Some articles on forecasting:

Statistical Forecasting - Categories of Forecasting Methods - Causal / Econometric Forecasting Methods
... Some forecasting methods use the assumption that it is possible to identify the underlying factors that might influence the variable that is being forecast ... Causal forecasting methods are also subject to the discretion of the forecaster ... exogenous inputs (ARMAX) Quantitative forecasting models are often judged against each other by comparison of their in-sample or out-of-sample mean square error, although some researchers have ...
Plant Disease Forecasting
... Plant disease forecasting is a management system used to predict the occurrence or change in severity of plant diseases ... Forecasting systems are based on assumptions about the pathogen's interactions with the host and environment, the disease triangle ... In these cases a disease forecasting system attempts to define when the environment will be conducive to disease development ...
Statistical Forecasting - See Also
... CPFR Forecasting bias Foresight (future studies) Futures studies Futurology Optimism bias Planning Strategic foresight Technology forecasting Wind power ...
Statistical Forecasting
... Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed ... 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 ... Risk and uncertainty are central to forecasting and prediction it is generally considered good practice to indicate the degree of uncertainty attaching to forecasts ...
Statistical Forecasting - Applications of Forecasting
... and increasing energy prices has led to the usage of Egain Forecasting of buildings ... The method uses forecasting to reduce the energy needed to heat the building, thus reducing the emission of greenhouse gases ... Forecasting is used in the practice of Customer Demand Planning in every day business forecasting for manufacturing companies ...