The tendency to exaggerate the correctness or accuracy of our beliefs and predictions is called hindsight bias.
A prediction is a statement about a future event or data. They are often, but not always, based on experience or knowledge. There is no general agreement on the exact difference from "estimate"; Different authors and disciplines assign different connotations.
Future events are necessarily uncertain, so accurate information about the future cannot be guaranteed. Forecasts can be useful to help plan for possible developments; Howard H. Stevenson writes that forecasting in business “is at least two things: important and difficult. The
prediction is part of statistical inference. Statistical inference approaches.
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