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What is Forecasting?

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Forecasting is the process of making future predictions based on analysis of past data and trends. The use of statistical probabilities are central to forecasting techniques as the future generally can't be predicted with certainty.
Overview: Forecasting
Function
Management Accounting
Problem Solving
Decision Making
Definition
The art and science of making future predictions.
Value
Essential to planning and budgeting at every level of an organization.
Related Techniques
Statistical Analysis
Probability Distribution

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Citation

John Spacey. "What is Forecasting?." Simplicable. Retrieved June 21, 2026. from https://simplicable.com/new/forecasting

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