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What is the difference between general and specific forecasts?

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posted Jul 18 by Sumeet Vyas

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1 Answer

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General Forecast:

No business is completely independent and hence general business forecast is undertaken. It helps to read the future conditions for business and to predict the probable changes in business conditions that are likely to occur in the near future. Every business is affected by the conditions of the c community in which it is located. We should not be under the impression that only business conditions influence the general business. Political conditions, fiscal policy, controls, population and national income etc. have direct bearing on the business. So, it is necessary for the manager to take into consideration all these factors while forecasting the prospects of his enterprise.

Specific Forecast
Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends. A commonplace example might be estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term. Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods. Usage can differ between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period.

answer Jul 19 by Durga Prasad
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