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?

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?

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.

Interesting Facts

Etymology

The word comes from Old English 'for-' meaning 'before' and 'casten' meaning 'to throw', together suggesting throwing out ideas about the future.
In the 15th century, it was used often in relation to the weather, before expanding to various fields like finance and economics.

Science

Meteorologists use various models based on atmospheric conditions to predict weather patterns days in advance.
In fields like economics, statistical methods and algorithms analyze trends to forecast market behaviors.
Machine learning is increasingly used in forecasting, as it can identify patterns and correlations in vast amounts of data.

Pop Culture

Weather forecasting became popular with the introduction of radio and television, leading to the famous phrase 'Partly cloudy with a chance of meatballs' in a popular children’s book and movie.
Movies like 'The Day After Tomorrow' dramatize the consequences of inaccurate forecasting in extreme weather scenarios.

Literature

In Shakespeare's plays, omens and prophecies often set the stage for events to unfold, illustrating early forms of prediction.
Many authors explore the theme of fate versus free will, questioning how much can really be predicted about the future.

Technology

Big data analytics enhance forecasting accuracy in various sectors, helping companies to meet consumer needs better.
Businesses often use predictive analytics to anticipate customer behaviors and optimize their marketing strategies.

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 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.

...
9453 sailor
9454 starvation
9455 sack
9456 forecasting
9457 discern
9458 crept
9459 immature
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