Abstract: A forecast engine is embedded in a networked device or in network component wherein the embedded forecast engine receives collected data concerning the device and applies forecasting techniques and methodologies to generate event forecasts particular to that device. The event forecasts are generated using device specific parameters and device specific time series to ascertain an event forecast that is representative of event pertinent to that device. Once generated, the event forecast is communicated to a central event manager which analyzes the forecast of each of the devices individually and as a member of the network so as to determine appropriate action to ensure and/or enhance network performance.