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1) "Forecasting" -- As to forecasting 1fore·cast
Pronunciation: -"kast; for-'kast
Function: verb
Inflected Form(s): forecast also fore·cast·ed; fore·cast·ing
transitive verb
1 a : to calculate or predict (some future event or condition) usually as a result of study and analysis of available pertinent data; especially : to predict (weather conditions) on the basis of correlated meteorological observations b : to indicate as likely to occur
2 : to serve as a forecast of : PRESAGE <such events may forecast peace>
intransitive verb : to calculate the future
synonym see FORETELL
- fore·cast·able /-"kas-t&-b&l/ adjective
- fore·cast·er noun Pronunciation Symbols
Forecasting is the process of estimation in unknown situations. Prediction is a similar, but more general term, and usually refers to estimation of time series, cross-sectional or longitudinal data. Forecasting is commonly used in discussion of time-series data.[1] The main source of information about forecasting on the internet is the Forecasting Principles site, forecastingprinciples.com. Forecasting Principles summarizes all useful knowledge about forecasting for researchers, practitioners, and educators. It is provided as a public service by the International Institute of Forecasters. The Institute publishes the journals International Journal of Forecasting and Foresight, and organizes International Symposia on Forecasting and forecasting workshops. - 1 Categories of forecasting methods
- 1.1 Time series methods
- 1.2 Causal / econometric methods
- 1.3 Judgemental methods
- 1.4 Other methods
- 2 Forecasting accuracy
- 3 Application of forecasting
- 4 References
- 5 See also
- 6 External links
| Time series methods use historical data as the basis for estimating future outcomes. - Moving average
- Exponential smoothing
- Extrapolation
- Linear prediction
- Trend estimation
- Growth curve
Some forecasting methods use the assumption that it is possible to identify the underlying factors that might influence the variable that is being forecasted. For example, sales of umbrellas might be associated with weather conditions. If the causes are understood, projections of the influencing variables can be made and used in the forecast. - Regression analysis using linear regression or non-linear regression
- Autoregressive movi..."
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