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A review of solar cycle prediction methods and their performance is given, including forecasts for cycle 24 and focusing on aspects of the solar cycle prediction problem that have a bearing on dynamo theory. The scope of the review is further restricted to the issue of predicting the amplitude (and optionally the epoch) of an upcoming solar maximum no later than right after the start of the given cycle. Prediction methods form three main groups. Precursor methods rely on the value of some measure of solar activity or magnetism at a specified time to predict the amplitude of the following solar maximum. Their implicit assumption is that each numbered solar cycle is a consistent unit in itself, while solar activity seems to consist of a series of much less tightly intercorrelated individual cycles. Extrapolation methods, in contrast, are based on the premise that the physical process giving rise to the sunspot number record is statistically homogeneous, i.e., the mathematical regularities underlying its variations are the same at any point of time, and therefore it lends itself to analysis and forecasting by time series methods. Finally, instead of an analysis of observational data a
preprint / 2011