What is the difference between Estimation and forecast ?

The use of historic data to determine the direction of future trends. Forecasting is used by companies to determine how to allocate their budgets for an upcoming period of time. This is typically based on demand for the goods and services it offers, compared to the cost of producing them. Investors utilize forecasting to determine if events affecting a company, such as sales expectations, will increase or decrease the price of shares in that company. Forecasting also provides an important benchmark for firms which have a long-term perspective of operations. 

Estimation refers to the act or an instance of estimating. Estimation may also be defined as the amount, extent, position, size or value reached in an estimate. To estimate is to form an approximate idea of distance, size or cost. Or Estimation is the calculated approximation of a result which is usable even if input data may be incomplete or uncertain. 

Brief and simply,

Estimates deal with present, past or future situations,

Forecasts deal only with the future.

And estimate is a relatively short time frame. with a fair degree of certainty of numbers of items * cost/item. The Forecast is usually out several months out and therefore has a lower degree of certainty.

Sometimes estimates and forecast are used interchangeably.Both estimates and forecast involves the judgement and are subjective in nature.However, technically they are different.

Forecast  involves the prediction of future events and transactions on the basis of  available information ,trends, ratioes etc.However,  estimate involves use of assumptions, judgements and trends  for  valuation of  an event in the past, present or future.

Forecasting is forward-looking. It is your predictions about the future quantified in numbers.or percentages.For example, you may forecast next year's sales, market share, etc. On the other hand,   estimates may be the individual figures that make up your sales forecast, for instance. Esitmates may rellate to things other than forecasts. For example, you may estimate the provison for doubtful debts, and include the estimate in your last year's financial statememts. Likewise, you may estiamte the amount of income tax to be paid to the government. 

Estimation is more of value driven while forecasting is more into planning things for secured future.

difference between demand estimation and demand forecasting

Forecasting is predicting the future (sales for example) mstly based on historical data using statistical techniques. Estimation is calculating the value using the current standard values of the resources required for producing it.

Estimation is the core of procurement to determine or calibrate the procurement method

The estimation is carried out against market survey   with strong background about the price

Forecasting is matter of prediction without  scientific background in order to generate aggregate     

The difference between the terms in finance and accounting is that while both are used an existing data and other bases to arrive at a pre determined amount, the difference lies wherein for estimation the arrived figure can be to be near or exact the projected result of the actual activity which means figure is changeable at any given time depending on the actual result. Whereas for forecasting like a company annual budget, this is also a pre determined figure set by the management and is consistently followed for the whole period as targeted and therefore non changeable as it sets forth the organizations goals to achieve success.