Forecasting: meaning, definitions and examples
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forecasting
[ ˈfɔːkɑːstɪŋ ]
business
Forecasting is the process of making predictions about the future based on past and present data. It involves analyzing trends, patterns, and events to anticipate what may happen next.
Synonyms
estimation, prediction, projection
Examples of usage
- Sales forecasting helps companies to estimate future revenue and plan their resources accordingly.
- Weather forecasting uses meteorological data to predict upcoming weather conditions.
- Financial forecasting assists in budgeting and decision-making by projecting future financial outcomes.
business
Forecasting can also refer to the act of predicting or estimating future events or trends. It is commonly used in financial planning, resource allocation, and risk management.
Synonyms
estimating, predicting, projecting
Examples of usage
- The company is forecasting a 10% increase in sales for the next quarter.
- She is forecasting a rise in interest rates in the coming months.
Translations
Translations of the word "forecasting" in other languages:
🇵🇹 previsão
🇮🇳 पूर्वानुमान
🇩🇪 Prognose
🇮🇩 peramalan
🇺🇦 прогнозування
🇵🇱 prognozowanie
🇯🇵 予測 (yosoku)
🇫🇷 prévision
🇪🇸 pronóstico
🇹🇷 tahmin
🇰🇷 예측 (yecheuk)
🇸🇦 تنبؤ
🇨🇿 předpověď
🇸🇰 predpoveď
🇨🇳 预测 (yùcè)
🇸🇮 napovedovanje
🇮🇸 spá
🇰🇿 болжау
🇬🇪 პროგნოზირება
🇦🇿 proqnozlaşdırma
🇲🇽 pronóstico
Word origin
The term 'forecasting' originated from the Old English word 'fore-ecast', which means to calculate beforehand. The practice of forecasting has been used for centuries in various fields such as agriculture, economics, and weather prediction. With the advancement of technology and data analysis, forecasting techniques have become more sophisticated and accurate.
See also: forecastable, forecasted, forecaster, forecasts.