Posts
Forecast is scientific and free from intuition and personal bias, whereas prediction is subjective and fatalistic in nature.
• Forecasting is an extrapolation of past into the future while prediction is judgmental and takes into account changes taking place in the future. Therefore, prediction is utilized more in business and economics while forecasting takes place in weather and earthquakes.
• Predicting is saying or telling something before the event while forecasting is done on the basis of analysis of the past.
• Forecasting is still not a complete science as there are chances of error.