What are the Differences amongst Prediction,Forecast & Projection?
Forecasting is the process of estimation in unknown situations. Prediction is a similar, but more general term. Both can refer to estimation of time series, cross-sectional or longitudinal data. Usage can differ between areas of application: for example in hydrology, the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods w ...more
forecast - a statement about what will happen in the future, based on information that is available.
projection - Estimate based on what is happening now.