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What is the difference between forecasting and prediction?

Forecasting and Prediction are two different things.

You always forecast weather, but never predict the weather.

Forecasting is nothing but a extrapolation of the past. You have some historic data, and you plotted it on the co-ordinate and extrapolated it for the future. This is forecasting

Prediction is subjective, it refers to an upcoming event which might or might not happen in the future.

Remember – Any one can do a prediction.

Ex. Sachin will hit a century tomorrow. You predict which might be based on a deep analysis or could just be a simple shot in the dark.

Therefore all the forecasting are prediction but not all the predictions are forecasting.

Exponential Smoothing Forecasting in simple terms

Keep Learning 🙂

The Data Monk

About TheDataMonkContributor

I am the Co-Founder of The Data Monk. I have a total of 4+ years of analytics experience with 3+ years at Mu Sigma and 1 year at OYO. I am an active trader and a logically sarcastic idiot :)

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Comment ( 1 )

  1. Great content! Super high-quality! Keep it up! 🙂

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