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Short-term prediction of traffic conditions is one of the central topics in contemporary ITS research and practice. However, it is hard to select the most appropriate traffic prediction method for one particular application. The aim of this study is to provide taxonomy of all different approaches reported in literature as a practical reference for ITS professionals and researchers. It is concluded that apart from traffic simulation models only few methods are used for network wide predictions, while this is necessary for most practical applications (eg in-car navigation). Second, there appears to be no single best method. It is suggested that instead of developing more methods future research should focus on combining models into one network-wide application. For the covering abstract see ITRD E140665.