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Q.

What are the differences amongst Prediction,Forecast and Estmate?

Tags: computers & internet
Asked by Santiranjan Pal, 01 Aug '10 09:18 am
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1.

Prediction : Assumption or Presumption based
Forecast- Anticipation or expectation based
Estimate- Valuing the probable activity
Answered by hitler, 01 Aug '10 09:22 am

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2.

Forecasting and prediction is the process of making statements about events whose actual outcomes have not yet been observed but estimate can deal with present, past or future situations,
Answered by uv dabholkar, 01 Aug '10 09:23 am

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3.

Prediction is a astrology calculation, forecast is the environmental calculation where as estimate is the mathmatica/scientific calculation.........
Answered by pradeep mishra, 01 Aug '10 09:23 am

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4.

Estimation is the calculated approximation of a result which is usable even if input data may be incomplete or uncertain.In mathematics, approximation or estimation typically means finding upper or lower bounds of a quantity that cannot readily be computed precisely and is also an educated guess . Initial results may be unusably uncertain, but with recursive input from output, can iteratively purify results to be approximately accurate, certain, complete and noise-free.

A prediction or forecast is a statement about the way things will happen in the future, often but not always based on experience or knowledge. While there is much overlap between prediction and forecast, a prediction may be a statement that some outcome is expected, while a forecast may cover a range of possible outcomes.Although guaranteed information about the information is in many cases impossible, prediction is necessary to allow plans to be made about possible developments; Howard H. Stevenson writes that predi ...more
Answered by pramod rajapurkar, 01 Aug '10 09:49 am

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5.

Prediction and forecast are similar but the estimates are for material things quite different .
Answered by Kumar Hiranandani, 01 Aug '10 09:22 am

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6.

To me prediction is born out of only intuitions. Whereas Forecast and Estimates have some scientific method to it.
Answered by S. Ramesh, 01 Aug '10 09:21 am

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