Forecasting vs Estimate - What's the difference?
forecasting | estimate |
A forecast or prediction.
* 1852 , The Dublin University Magazine (page 66)
A rough calculation or guess.
(construction and business) A document (or verbal notification) specifying how much a job will probably cost.
* {{quote-book, year=1928, author=Lawrence R. Bourne
, title=Well Tackled!
, chapter=3 To calculate roughly, often from imperfect data.
* {{quote-book, year=1965, author=Ian Hacking, title=Logic of Statistical Inference, passage=I estimate that I need 400 board feet of lumber to complete a job, and then order 350 because I do not want a surplus, or perhaps order 450 because I do not want to make any subsequent orders.
* '>citation
To judge and form an opinion of the value of, from imperfect data.
* John Locke
* J. C. Shairp
As verbs the difference between forecasting and estimate
is that forecasting is while estimate is to calculate roughly, often from imperfect data.As nouns the difference between forecasting and estimate
is that forecasting is a forecast or prediction while estimate is a rough calculation or guess.forecasting
English
Verb
(head)Noun
(en noun)- There were sneers, and scoffs, and inuendoes of some; prophecies of failure in a hundred ways; forecastings of non-completion, forecastings of swift dissolution and crashing ruin
estimate
English
Alternative forms
* (archaic)Noun
(en noun)citation, passage=“They know our boats will stand up to their work,” said Willison, “and that counts for a good deal. A low estimate from us doesn't mean scamped work, but just that we want to keep the yard busy over a slack time.”}}
Synonyms
* estimation * appraisalDerived terms
* ballpark estimateVerb
citation
- It is by the weight of silver, and not the name of the piece, that men estimate commodities and exchange them.
- It is always very difficult to estimate the age in which you are living.