In general, the process of comparing predictions from a forecasting model to observable data. A model may be run using historical inputs after which the mode's forecast is compared to the actual outcomes observed for the forecasted period. In practice, either final model outputs or intermediate calculations may be backtested. Backtesting is often inexact because of the impact of extraneous events on the observable data. American Banker Glossary
Creating a hypothetical portfolio performance history by applying current asset selection criteria to prior time periods. Bloomberg Financial Dictionary

Financial and business terms. 2012.

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