A point forecast is a single answer e.g. it is going to rain at 1pm. An interval forecast is based on uncertainity e.g. it is going to rain between 12pm and 2pm. An interval forecast is used because...
Forecasting is done basically on the past data and prediction is just a guess. The prediction may go wrong but the chances of forecasting to fail is little less. Eg. Prediction of fate and...
A forecast is what you think will happen to something which you can't influence yourself, like the weather or exchange rates. A plan is something in which you can influence the outcome, like "we'll...
Once the financial objectives have been set, it is possible to prepare and agree a budget. A budget should relate the overall plan in figures. It is different from a forecast in the sense that the...