Difference Between Prediction and Forecast

Prediction

It can be related to the action of predicting and to the words that explain what we predict. A prediction is an announcement or revelation that we think is going to happen. It constitutes a key component of science, since the success of an experiment measures the correctness of the predictions made.

In the scientific context, predictions are a precise statement of what will happen if certain conditions are met. Predictions are statements that are logical consequences of the facts. A non-scientific prediction is a statement of events that we think may occur in the future.

Forecast

It is advance knowledge of an event. For health, a prognosis is the prediction that can be made in the face of a health problem, a business and a project. A forecast allows us to make appropriate decisions, such as choosing the most appropriate activities to carry out, the investments with the highest profitability and others based on analysis and considerations.

Differences between prediction and forecast

• Forecasting is a process that estimates outcomes in situations of uncertainty.
• The prediction is much more general, it estimates data and temporal occurrences.
• Forecasting is a prediction tool. It is a highly demanded plan in business because it allows us to make the best decisions. It is a fundamental tool for decision making in organizations.
• Prediction anticipates what is supposed to happen. Scientific knowledge, hypotheses and revelations can be predicted.
• Prediction allows us to anticipate the quantitative and qualitative behavior of certain variables.
• Prediction refers to the action and effect of predicting. It is used to measure the correctness of scientific theories.
• The forecast is based on statistics and projections.
• The prediction is a hunch without theoretical foundation.