EXTRAPOLATE/EXTRAPOLATION

(Statistics) The continuation, by means of simple estimation or sophisticated analysis, of a trend of time series data beyond its last observed value. The function of time series model building is to add some degree of certainty and confidence to this extrapolation process by analyzing the past behavior of the data and attempting to fit a model to its historical patterns which may then be used to forecast (extrapolate) its future values. Also see Interpolate/Interpolation.