Question: What is the primary difference between forecasting and prediction? Forecasting is about the future, prediction is about the past. Forecasting acknowledges the presence of uncertainty,
What is the primary difference between forecasting and prediction?
Forecasting is about the future, prediction is about the past.
Forecasting acknowledges the presence of uncertainty, prediction does not.
Forecasting is used in decision making, prediction is not.
Forecasting is quantitative, prediction is qualitative.
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