What is the act of predicting future financial outcomes based on data?

Forecasting refers to the process of estimating or predicting future financial outcomes based on historical data and current trends. This practice involves analyzing past performance, identifying patterns, and applying statistical methods to project future revenues, expenses, or other financial metrics. It allows organizations to make informed decisions, allocate resources effectively, and strategize for the future.

Budgeting, while related, involves the creation of spending plans based on predictions but does not solely focus on the prediction aspect. Data Analysis is a broader term that encompasses various techniques for interpreting data, which can include forecasting as a component. Data Entry is simply the act of inputting data into a system and does not involve any predictive analysis.

Therefore, forecasting is the most accurate choice for the act of predicting future financial outcomes.