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“Forecasting” and “prediction” are often used synonymously in the customary sense of assessing the magnitude which a quantity will assume at some future point of time: as distinct from “estimation” which attempts to assess the magnitude of an already existent quantity. For example, the final yield of a crop is “forecast” during the growing period but “estimated” at harvest.

The errors of estimation involved in prediction from a regression equation are sometimes referred to as “forecasting errors” but this expression is better avoided in such as restricted sense. Likewise terms such as “index numbers of forecasting efficiency”, in the sense of residual error variances in regression analysis, are to be avoided.

Source Publication:
A Dictionary of Statistical Terms, 5th edition, prepared for the International Statistical Institute by F.H.C. Marriott. Published for the International Statistical Institute by Longman Scientific and Technical.

Cross References:

Statistical Theme: Methodological information (metadata)

Created on Sunday, May 19, 2002

Last updated on Monday, April 28, 2003