forecasting (B2)

noun

Pronunciation: /ˈfɔːrkæstɪŋ/

Definition

The process of making predictions about future events or trends, often based on analysis of past and present data.

Examples

• Economic forecasting helps governments plan for future financial stability.

• Accurate sales forecasting is crucial for businesses to manage their inventory effectively.

• Technological advancements have significantly improved the precision of long-range weather forecasting.

How to Use forecasting

demand forecasting (collocation)

Predicting future customer demand for a product or service. — "Effective demand forecasting helps reduce waste and optimize production."

forecasting methods (collocation)

Techniques or approaches used to make predictions. — "Various forecasting methods, from simple averages to complex algorithms, are available."

forecasting error (collocation)

The difference between a forecasted value and the actual value. — "Minimizing forecasting error is a key goal in supply chain management."

Synonyms of forecasting

Words with a similar meaning to forecasting:

• prediction
• projection
• prognostication
• extrapolation

Antonyms of forecasting

Words with the opposite meaning to forecasting:

• recollection
• retrospection

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