Quantitative forecasting tools are used to predict future figures and quantities such as sizes and lengths. Qualitative forecasting tools are used to predict what something in the future will be like in terms of things other than set figures. For instance, they could predict what type a future element will be; what color it will be; what the nature of it will be.
Forecasting is the practice of predicting something that will happen or come to be in the future. It is not, however, like fortune telling or other practices carried out by the likes of psychics. Forecasting relies on solid evidence to predict future events. It is used in a number of areas today, most commonly in the process of predicting the future weather and the imminent economic climate.
• The weather
Weather forecasts are common and can be found across the Internet and on television. There is a large demand for weather forecasts as people seek to discover the weather conditions of the following day or week, for a variety of reasons. These may include deciding what clothes to wear or concluding when would be best to go on a trip or journey. Weather forecasts tend to be very accurate when predicted what conditions will be like in the near future, but less accurate when predicting conditions in a few day times; like all forecasting, time plays a crucial element when it comes to the accuracy of forecasting.
• The economic climate
Economists will look at economic trends and the position world economies are at in the business cycle to predict what the future economic climate will be. As can be seen by the 2008 global economic crisis, economic forecasting is difficult and rarely accurate. A number of independent organization work to predict what the economy will be like in the near and far future.
Forecasting is the practice of predicting something that will happen or come to be in the future. It is not, however, like fortune telling or other practices carried out by the likes of psychics. Forecasting relies on solid evidence to predict future events. It is used in a number of areas today, most commonly in the process of predicting the future weather and the imminent economic climate.
• The weather
Weather forecasts are common and can be found across the Internet and on television. There is a large demand for weather forecasts as people seek to discover the weather conditions of the following day or week, for a variety of reasons. These may include deciding what clothes to wear or concluding when would be best to go on a trip or journey. Weather forecasts tend to be very accurate when predicted what conditions will be like in the near future, but less accurate when predicting conditions in a few day times; like all forecasting, time plays a crucial element when it comes to the accuracy of forecasting.
• The economic climate
Economists will look at economic trends and the position world economies are at in the business cycle to predict what the future economic climate will be. As can be seen by the 2008 global economic crisis, economic forecasting is difficult and rarely accurate. A number of independent organization work to predict what the economy will be like in the near and far future.
