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|The process of predicting something,
with consideration given to past trends and anticipated future occurring parameters.
Forecasts are made over a selected planning horizon or study period and are made about one or more of the following:
Ranges of Forecasts
Forecasting generally covers three different planning horizons:
Examples of Forecasts
Types of Forecasts
Forecasts are generally classified into the following three types:
Tools of Forecasting:
Some of the tools for making forecasts are as follows:
Techniques of Forecasting
Fig. The relationship between forecasts (future events) and projections (future states).
Fig. 40-year forecast of capital expenditures.
Fig. Short-range, mid-range and long-range forecasts.
Fig. After years of careful planning and stewardship, I. Care and his facility are now aligned.
Fig. Irregular leak history requiring stochastic analysis for future risk management.
Fig. I. Care is trying to use a crystal ball to make forecasts about his assets.
Fig. The impact of maintenance on "extending" the life of assets, as represented on a calendar timeline.
Fig. I. Care making a futile attempt to remove a capital expenditure that has been forecast in the tactical plan.
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