Forecasting vs. Prediction

Forecastingnoun

A forecast or prediction.

Forecastingnoun

The process of calculating and predicting future events, usually based on extrapolation from past experience, and with varying degress of uncertainty.

Forecastingnoun

a statement made about the future

Forecasting

Forecasting is the process of making predictions based on past and present data and most commonly by analysis of trends. A commonplace example might be estimation of some variable of interest at some specified future date.

Predictionnoun

A statement of what will happen in the future.

Predictionnoun

A probability estimation based on statistical methods.

Predictionnoun

The act of foretelling; also, that which is foretold; prophecy.

Predictionnoun

the act of predicting (as by reasoning about the future)

Predictionnoun

a statement made about the future

Prediction

A prediction (Latin præ-, and dicere, ), or forecast, is a statement about a future event. They are often, but not always, based upon experience or knowledge.