Glossary entry (derived from question below)
Apr 28, 2008 18:36
16 yrs ago
20 viewers *
English term
forecast
English
Science
Economics
modeling
Is ‘forecast’ appropriate here, or should ‘predict’ or ‘project’ or prognose’ be used? It is a text describin a macro-economic model that predicts GDP growth etc.
"First, the theoretical assumptions the model is based on as well as its scale could affect both the overall quality and the forecasting capacities of that model."
Throughout the document, different forms of forecast are used over and over. Are there rules about using the term forcast or prediction when applied to models or analytical opinions?
Three more example sentences:
The price of crude oil is predicted on the basis of world market forecasts and intergovernmental agreement between Belarus and Russia on terms of oil supply.
In order to forecast oil price for Belarus over a period of 2010-2011, the duty for Belarus has been calculated on the basis of information available for 2009.
The employment forcast is produced by assuming an unchanged ‘full employment’ policy.
"First, the theoretical assumptions the model is based on as well as its scale could affect both the overall quality and the forecasting capacities of that model."
Throughout the document, different forms of forecast are used over and over. Are there rules about using the term forcast or prediction when applied to models or analytical opinions?
Three more example sentences:
The price of crude oil is predicted on the basis of world market forecasts and intergovernmental agreement between Belarus and Russia on terms of oil supply.
In order to forecast oil price for Belarus over a period of 2010-2011, the duty for Belarus has been calculated on the basis of information available for 2009.
The employment forcast is produced by assuming an unchanged ‘full employment’ policy.
Change log
Apr 29, 2008 17:38: zax Created KOG entry
Responses
+3
2 hrs
Selected
yes it is
Forecasting in economics is usually based on regression analysis.
4 KudoZ points awarded for this answer.
Comment: "thanks zax!"
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