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Definition of «forecasting»

Forecasting refers to the process of making predictions or estimations about future events, based on available data and analysis. It involves using various statistical methods and models to analyze historical trends and patterns in order to make informed guesses about what might happen in the future. Forecasting is commonly used in fields such as economics, weather prediction, sales projections, and financial planning, among others. The accuracy of a forecast depends on several factors including the quality of data input, the sophistication of the model used, and the level of uncertainty involved in making predictions about future events.

Usage examples

  1. Weather Forecasting: Predicting temperature, precipitation, and other atmospheric conditions for a given time and location.
  2. Stock Market Forecasting: Analyzing historical data and market trends to predict future movements and make informed investment decisions.
  3. Sales Forecasting: Estimating future sales volumes and revenue based on historical data, market demand, and other relevant factors.
  4. Demand Forecasting: Using statistical models and market research to predict future customer demand for a product or service.
  5. Economic Forecasting: Projecting future economic indicators, such as GDP growth, inflation rates, and unemployment rates, to assist policymakers and businesses in making informed decisions.
  6. Sports Forecasting: Predicting game outcomes, player performances, and championship winners using statistical models and past performance data.
  7. Traffic Forecasting: Anticipating traffic patterns and congestion levels in a specific area or on a particular route to optimize transportation planning and minimize disruptions.
  8. Energy Forecasting: Estimating future energy consumption patterns and production requirements to ensure a reliable and efficient energy supply.
  9. Population Forecasting: Predicting population growth, demographic changes, and migration patterns to guide urban planning, resource allocation, and public policy decisions.
  10. Supply Chain Forecasting: Anticipating future demand, inventory needs, and logistical requirements to optimize supply chain management and ensure product availability.

Phrases with «forecasting»

Sentences with «forecasting»

  • We should keep track of weather forecast for better safety option. (humblemechanic.com)
  • Track potential upcoming projects through ongoing sizing requests (estimates) to resource committed projects for forecasting of resource capacity. (jobhero.com)
  • So any uncertainty in the current atmospheric state, however, small, will ultimately grow and prevent accurate weather forecasts in the long term. (realclimate.org)
  • (see all sentences)

See also

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