Forecast

A forecast is an estimate of what may happen within a stated scope and period. It can combine past and current data with judgment and relevant assumptions. IBM's forecasting guidance describes defining the outcome to predict, choosing data and a method, and checking the resulting estimate.

For a property-management company, an example is estimating future service workload or property income and expenses. Identify the period, data cutoff and assumptions so the estimate can be compared with later results. Keep it distinct from actual results and the approved budget. A reforecast updates an earlier estimate.

Source: IBM: What Is Forecasting?.