Neural network model is a model of brainâ€™s cognitive process. Neural network originated as a model of how the brain works and has its beginnings in psychology. Today, neural network models are used to solve numerous problems associated with forecasting, pattern recognition, classification, manufacturing, medical diagnostic, signal processing, system control, checking, and modelling among others. This paper reveals the processes involved in using a neural network model in forecasting future events by effectively and efficiently utilizing extracted rules from trained neural networks and domain knowledge of the applied area. The structural method of operations and rules of extraction of neural networks were also discussed.