Definition of Forecasting:
A planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends.
Forecasting starts with certain assumptions based on the managements experience, knowledge, and judgment. These estimates are projected into the coming months or years using one or more techniques such as Box-Jenkins models, Delphi method, exponential smoothing, moving averages, regression analysis, and trend projection. Since any error in the assumptions will result in a similar or magnified error in forecasting, the technique of sensitivity analysis is used which assigns a range of values to the uncertain factors (variables). A forecast should not be confused with a budget. See also backcasting.
Predict or estimate (a future event or trend).
A calculation or estimate of future events, especially coming weather or a financial trend.
Synonyms of Forecasting
Prediction, Prophecy, Forewarning, Prognostication, Augury, Divination, Prognosis, Projection, Calculation, Predict, Prophesy, Prognosticate, Augur, Divine, Foretell, Foresee, Forewarn, Actuarial prediction, Aerography, Aerology, Anemology, Apocalypse, Barometry, Climatography, Climatology, Foreboding, Forecast, Foreshowing, Foresight, Foretelling, Guesswork, Improbability, Long-range forecasting, Meteorology, Microclimatology, Nephology, Omen, Pneumatics, Prediction, Prefiguration, Prefigurement, Prefiguring, Presage, Presaging, Presentiment, Preshowing, Presignifying, Probability, Prognosis, Prognostication, Promise, Prophecy, Prophesying, Prospectus, Soothsay, Speculation, Statistical prediction, Vaticination, Weatherology
How to use Forecasting in a sentence?
- If you want to know how a project may play out you should get a team together to do some forecasting and figure it out.
- I was really good at forecasting , so the show runner decided to put me on as the lead weatherman and that made me excited.
- Together the two firms can provide financial forecasts for virtually every listed company in the world.
- Rain is forecast for Scotland.
- You need to try to do your best at forecasting how a project will go so that you can be prepared for any obstacles.
Meaning of Forecasting & Forecasting Definition