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Forecasting: meaning, definitions and examples

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forecasting

 

[ˈfɔːkɑːstɪŋ ]

Definitions

Context #1 | Noun

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.

Which Synonym Should You Choose?

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Word Description / Examples
forecasting

Typically used to predict future trends in fields like weather, finance, and economics. It involves analyzing past data to make informed guesses about the future.

  • The meteorologist is forecasting rain for tomorrow.
  • Economic forecasting helps businesses plan for future market conditions.
prediction

Generally used to state what someone thinks will happen in the future. It can be based on data, but it is often used in casual or subjective contexts.

  • His prediction about the match result was spot on.
  • Many people make predictions about stock market trends.
projection

Often used in business and finance to estimate future outcomes based on current data and trends. It involves a more structured approach compared to general predictions.

  • The project's financial projections show a steady increase in revenue.
  • The population projection indicates significant growth over the next decade.
estimation

Used to give an approximate calculation or judgment of value, number, quantity, or extent. It is often used when exact figures are either unavailable or unnecessary.

  • The builder gave us an estimation of the cost to renovate the kitchen.
  • She made an estimation of the crowd size at the concert.

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.
Context #2 | Verb

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.

Which Synonym Should You Choose?

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Word Description / Examples
forecasting

Typically used in contexts where data and trends are analyzed to predict future events, especially in weather, finance, and business. Often involves more scientific or structured methods.

  • The meteorologist is forecasting a heavy snowfall for tomorrow.
  • Economic experts are forecasting a recession next year.
predicting

Often used in general contexts where someone is stating what they think will happen in the future based on intuition, experience, or some data. Can be less formal than forecasting.

  • She is predicting that her favorite team will win the championship.
  • Many scientists are predicting the effects of climate change.
estimating

Used when calculating an approximate value based on available information. Common in construction, budgeting, and situations where precise data might not be available.

  • The contractor is estimating the cost of the renovation project.
  • We are estimating the total time needed to complete the report.
projecting

Commonly used in business and finance to describe the act of estimating future outcomes based on current data and trends. Often involves creating projections or models.

  • The company is projecting an increase in sales for the next quarter.
  • We are projecting attendance figures for the upcoming conference.

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

Etymology

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.

Word Frequency Rank

Position #9,456 indicates this is an advanced-level word. While not essential for basic communication, it will enhance your ability to understand and create more nuanced content.