A prediction, or forecast, is a statement about a future event or data, often based on experience or knowledge, and is used to assist in planning despite the inherent uncertainty of the future. While there is no universal agreement on the exact difference between prediction and estimation, predictions can range from informed expert opinions—often gathered using techniques like the Delphi method—to rigorous statistical inferences. In statistics, prediction is part of statistical inference, with forecasting specifically referring to prediction over time (using time series methods), whereas prediction often applies to cross-sectional data. Statistical techniques include regression models (linear, logistic, Poisson), autoregressive moving average (ARMA) models, and advanced filtering methods like the Kalman filter for linear systems and the Extended Kalman filter for nonlinear systems. In regression analysis, the process involves collecting data on a dependent (response) variable and independent (explanatory) variables, estimating a functional form to fit the data, and then applying that model to new explanatory values to generate the prediction.