{"id":1091,"date":"2019-07-01T15:08:10","date_gmt":"2019-07-01T15:08:10","guid":{"rendered":"https:\/\/sage-new-clone.local\/en-au\/blog\/?post_type=sage_glossary&#038;p=1091"},"modified":"2025-10-17T19:14:36","modified_gmt":"2025-10-17T11:14:36","slug":"what-is-forecasting","status":"publish","type":"sage_glossary","link":"https:\/\/www.sage.com\/en-sg\/blog\/glossary\/what-is-forecasting\/","title":{"rendered":"What is forecasting?"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-sg\/blog\/glossary\/\" class=\"entry-header__link\">Glossary definition<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tWhat is forecasting?\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"What is forecasting?\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-sg\/blog\/glossary\/what-is-forecasting\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n\n\n\n<p><strong>Forecasting<\/strong><\/p>\n\n\n\n<p>Forecasting refers to the consideration of and subsequent response planning for prospective uncertainties that will affect a company\u2019s operations. A company\u2019s recorded history will be reflected in a given forecast, meaning past and present financial or operational data is utilised to make informed, albeit assumptive decisions going forward with a particular action or objective.<\/p>\n\n\n\n<p>Forecasting can be implemented effectively in a variety of ways. When used in evaluating potential investments, forecasting can provide a long-term perspective on a company\u2019s profitability expectations. When forecasting is utilised in budget planning, historical financial data is reviewed and evaluated in order to make sound future projections. Forecasting is also commonly used as a general preventative measure to cope with changes in industry trends and demands.<\/p>\n\n\n\n<p>Subscription to various models and techniques may define forecasting practices within a company and will be specific to management\u2019s preferences.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-difference-between-judgment-forecasting-and-qualitative-forecasting\"><span lang=\"EN\">The difference between judgment forecasting and qualitative forecasting<\/span><\/h2>\n\n\n\n<p>Though they share the common goals of loss mitigation, growth projection, and trend analysis, not all methods of forecasting are the same. For example, two widely-used types of forecasting techniques include \u201cjudgment\u201d forecasting and \u201cqualitative\u201d forecasting.<\/p>\n\n\n\n<p>Qualitative forecasting utilises expert analysis, as opposed to an analysis that is based on data or computer algorithms (known as \u201cstatistical\u201d or \u201cquantitative\u201d forecasting). Judgment forecasting, or \u201cjudgmental\u201d forecasting, is one variety of qualitative forecasting.<\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get a roundup of our best business advice in your inbox every month<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-476ad9d0-ec82-4a0c-bb25-98dd6821b545\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1064\" height=\"810\" src=\"https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2019\/06\/GettyImages-626184462-1064x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2019\/06\/GettyImages-626184462-1064x810.jpg 1064w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n<section class=\"more-topics alignfull has-grey-light-background-color wp-block-sage-post-topics\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col col-12 col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Browse more topics from this term<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-sg\/blog\/tag\/accounting-101\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tAccounting 101\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-sg\/blog\/tag\/cash-flow\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tCash flow\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-sg\/blog\/tag\/expenses\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tExpenses\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-sg\/blog\/tag\/profit-and-loss\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tProfit and loss\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-sg\/blog\/tag\/small-business\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tSmall business\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-sg\/blog\/tag\/start-up-business\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tStart up business\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section class=\"related-posts card-grid has-dark-background-color\">\n\t<div class=\"container\">\n\t\t\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--featured h1\">Explore more wisdom<\/h2>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"row related-posts__featured\">\n\t\t\t\t<div class=\"col card-grid__item\">\n\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-0 post-1599 post type-post status-publish format-standard has-post-thumbnail hentry category-getting-funding category-growth-customers tag-cash-flow tag-erp tag-growing-a-business business_type-small-business business_type-medium-sized-business card-post--is-clickable\"\n>\n\t<div class=\"card-post__media-wrapper\">\n\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1147\" height=\"765\" src=\"https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2016\/10\/sme-existing-grants-sage-300-v2.jpg\" class=\"card-post__image\" alt=\"young woman working on laptop in open plan office\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2016\/10\/sme-existing-grants-sage-300-v2-684x384.jpg 684w, https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2016\/10\/sme-existing-grants-sage-300-v2-768x512.jpg 768w, 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h3\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\tclass=\"card-post__title-link\"\n\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-sg\/blog\/how-smes-can-utilise-existing-grants-to-advance-their-digital-innovation-efforts\/\"\n\t\t\t\t>\n\t\t\t\n\t\t\tHow SMEs can utilise existing grants to advance their digital innovation efforts\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/p>\n\n\t\t\n\t\t\t\t\t<p class=\"card-post__description\">\n\t\t\t\tSmall and medium-sized enterprises (SMEs) are under constant pressure to ensure long-term growth and profitability to guarantee business continuity. One way that this can be achieved is through unlocking the potential of digital technologies like Enterprise Resource Planning (ERP) systems, a category of business software that combines and provides an overview of different business task [&hellip;]\t\t\t<\/p>\n\t\t\n\t\t\t<\/div>\n\n\t<\/article>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"row related-posts__non-featured\">\n\t\t\t\t<div class=\"col col-12\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--more h4\">More on this Topic<\/h2>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-1 post-1549 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-accounting-101 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class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2020-08-19T09:49:35+08:00\">19 August, 2020<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">1 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tHow to help your clients see the value of business intelligence\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-4 post-1518 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters tag-small-business tag-start-up-business business_type-small-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-sg\/blog\/managing-financial-data-easier\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2019\/07\/resize-1675x1275-78-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2019\/07\/resize-1675x1275-78-684x384.jpg 684w, https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2019\/07\/resize-1675x1275-78-768x585.jpg 768w, https:\/\/www.sage.com\/en-sg\/blog\/wp-content\/uploads\/sites\/24\/2019\/07\/resize-1675x1275-78-1064x810.jpg 1064w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2020-07-31T14:40:12+08:00\">31 July, 2020<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">7 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\t6 ways to make managing financial data easier for your business\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Forecasting Forecasting refers to the consideration of and subsequent response planning for prospective uncertainties that will affect a company\u2019s operations. A company\u2019s recorded history will be reflected in a given forecast, meaning past and present financial or operational data is utilised to make informed, albeit assumptive decisions going forward with a particular action or objective. [&hellip;]<\/p>\n","protected":false},"author":708,"featured_media":0,"template":"","meta":{"_sage_video":false,"footnotes":""},"tags":[23,173,47,61,202,192],"class_list":["post-1091","sage_glossary","type-sage_glossary","status-publish","hentry","tag-accounting-101","tag-cash-flow","tag-expenses","tag-profit-and-loss","tag-small-business","tag-start-up-business"],"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice Singapore","distributor_original_site_url":"https:\/\/www.sage.com\/en-sg\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-sg\/blog\/api\/wp\/v2\/sage_glossary\/1091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-sg\/blog\/api\/wp\/v2\/sage_glossary"}],"about":[{"href":"https:\/\/www.sage.com\/en-sg\/blog\/api\/wp\/v2\/types\/sage_glossary"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-sg\/blog\/api\/wp\/v2\/users\/708"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-sg\/blog\/api\/wp\/v2\/sage_glossary\/1091\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-sg\/blog\/api\/wp\/v2\/media?parent=1091"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-sg\/blog\/api\/wp\/v2\/tags?post=1091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}