Projections, Forecasts, And Estimates Essay

1191 WordsOct 3, 20165 Pages
2.4 Projections, Forecasts, or Estimates The definition of projections, forecasts, and estimates are all different and should not be used without knowing the exact meanings which are: • Projection: the familiar word for statements that are taken from mathematics and are based on inferences decided in advance. • Forcast: the statement that has the highest probability to happen in the future. • Estimate: is about specific statistics from the past or present statistics. o Estimates fill in the years between two different census. 3.1.1 Typolography of projection Methods Subective projections are assumptions, and they stay away from elaborate orderly and procedural methods. They can only show impressions of predispositions of the later to come population. Objective projections take the quantitative way of gathering data and use a quatitative strategy to attain a projected outcome. Objection projections dependo n the selection of the right projection technique. The major projection methods are: structual method, cohort-component, and the trend extrapolation method. 3.4 Trend Extrapolation Methods Extending the application of past trends into the time beyond the observation range is the essence of all the extrapolation methods. The extrapolation method is best used for modest sized population projections that have low data needs , inexpensive, and able to be used effortlessly. Sometimes data, such as population trends is easier to see and understand in graphical form. A simple

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