Statistical forecasting

method of statistical inference in which Bayes' theorem is used to update the probability for a hypothesis as more evidence or information becomes available

Forecasting is the process of making predictions based on past and present data. These forecasts can later be compared with actual outcomes. For example, a company might estimate their revenue in the next year, then compare it against the actual results creating a variance actual analysis. Prediction is a similar but more general term. Forecasting might refer to specific formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods or the process of prediction and assessment of its accuracy. Usage can vary between are

technique for updating numerical model with observed data

estimate of an interval in which future observations will fall

process of making future estimations in relation to customer demand over a specific period

statistical technique to aid interpretation of data

mathematical operation that predicts future values of a discrete-time signal

Backtesting is a term used in modeling to refer to testing a predictive model on historical data. Backtesting is a type of retrodiction, and a special type of cross-validation applied to previous time period(s). In quantitative finance, backtesting is an important step before deploying algorithmic strategies in live markets.

statistical technique that combines multiple predictive models

frequency-domain analysis method

event that occurs with low frequency, often with a widespread effect which might destabilize systems

scientific procedure for the creation of meteorological data sets