Business / Finance / Forecasting: Most people choose the forecast year to coincide with either the January-December calendar year or the fiscal year of the business, but this is not a requirement. Depending on the forecast start month, the first year of the forecast period may cover less than 12 months. In this case, assumption values that are entered for the first forecast year should represent the correct fraction of the 12-month totals.

Numerical Forecasting

Science / Weather / Numerical Forecasting: The use of numerical models, such as the fundamental equations of hydrodynamics subjected to observed initial conditions, to forecast the weather. These models are run on high-speed computers at the N MORE

Normative Forecasting

Business / Human Resources (HR) / Normative Forecasting: A method of projecting future needs in order to determine what developments will be required to meet those needs. MORE

Variance Forecasting

Business / Human Resources (HR) / Variance Forecasting: A measure that utilizes a demand and availability forecast to determine whether an organization has the ability to meet future manpower needs. MORE