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Forecasting is the process of making predictions based on past and present data. Later these can be compared with what actually happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results creating a variance actual analysis.
[1] [2] It includes technology intelligence, technology forecasting, technology roadmapping, technology assessment, and technology foresight. Technology Futures Analysis or Technology Future Analysis (TFA) is a synonym. [1] [3] Future-oriented technology analysis shares common methods with horizon scanning. [4] [5]
A prediction (Latin præ-, "before," and dictum, "something said" [1]) or forecast is a statement about a future event or about future data. Predictions are often, but not always, based upon experience or knowledge of forecasters.
Time series forecasting is the use of a model to predict future values based on previously observed values. Generally, time series data is modelled as a stochastic process .
Predictive analytics is often defined as predicting at a more detailed level of granularity, i.e., generating predictive scores (probabilities) for each individual organizational element. This distinguishes it from forecasting. For example, "Predictive analytics—Technology that learns from experience (data) to predict the future behavior of ...
Futures studies, futures research, futurism research, futurism, or futurology is the systematic, interdisciplinary and holistic study of social/technological advancement, and other environmental trends; often for the purpose of exploring how people will live and work in the future.
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Nowcasting in economics is the prediction of the very recent past, the present, and the very near future state of an economic indicator. The term is a portmanteau of "now" and "forecasting" and originates in meteorology.