Forecast period
Forecasting is the art of predicting future events by examining a variety of factors. A forecast period is a defined period of time in the future that is taken for the preparation of an estimate of what is thought likely to happen during that period. The forecast may take the form of a statement that is written or verbal. It may also include graphical or numerical information.
A business forecast may be undertaken for example, on a three-month, six month or yearly basis. If done on a three-month basis, the forecast is usually referred to as a quarterly forecast; if six-month, it is referred to as a six-month forecast.
Forecasts are usually created from studying historical data and predicted trading conditions, opinions, trends, political, social and international factors, and how these might interact during the period concerned. The forecasts may be used as the basis for preparing targets and budgets for the period.
Most business forecasting is based on the use of extrapolative forecasting (extrapolative research techniques) which attempts to predict the future by extrapolating historical trends. This process assumes that patterns that have been manifest in the past are regular, can be measured and will continue.
Such techniques can be used to forecast annual earnings, annual spending, house sales etc.
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
Net zero electricity grids BSRIA guide NZG 5/2024
Outlining the changes needed to transition to net zero.
CIOB Global Student Challenge 2024
Universitas Indonesia wins for second year running.
New project and cultural district described in detail.
The nature of EPCs, crticism and inaccuracies.
History, issues and redesign.
From waste recycling to energy performance the hierchy.
An introduction to WERCS and WEEE responsibilities
Dealing 2 million tonnes of waste equipment a year.
Global BACS Market: analytics and optimisation
A BSRIA glance at building automation and control systems.
What it is and how to use it.
Types of insulating plaster by binder and insulant.
Investors in People: CIOB achieves gold
Reflecting a commitment to employees and members.
Scratching beneath the surface; a guide to selection.
ECA 2024 Apprentice of the Year Award
Entries open for submission until May 31.
UK gov apprenticeship funding from April 2024
Brief summary the policy paper updated in March.
For the World Autism Awareness Month of April.