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.
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
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