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previous
Describes something that has existed or been valid up to the present point in time. It refers to the past up to the present.
Der neue Chef hat viele Änderungen gegenüber der bisherigen Vorgehensweise eingeführt.
The new boss introduced many changes compared with the previous approach.
The word is made up of 'bis her' (until now, up to here) and the adjective ending '-ig'. So it directly describes the state that has applied “until now.”
Bis her war alles in Ordnung.
Up to now, everything was fine.
The adjective 'bisherig' (previous, up to now) is used almost exclusively before a noun (attributively). Using it as a standalone predicate, e.g. 'Der Plan war bisherig' (The plan was previous), is very unusual.
Seine bisherige Leistung war immer ausgezeichnet.
His performance so far has always been excellent.
'Bisherig' (previous) is often used to emphasize a contrast between old and new. Typical combinations are 'der bisherige Plan' (the previous plan), 'die bisherigen Ergebnisse' (the results so far), or 'der bisherige Rekord' (the previous record).
Der neue Läufer hat den bisherigen Rekord gebrochen.
The new runner broke the previous record.
former
Ehemalig clearly shows that a position or function has ended by now. Bisherig, by contrast, describes the situation up to the present; it may just be coming to an end, but it may also still apply. After a handover that has already been completed, ehemalig is therefore appropriate, whereas before a decision, bisherig is more suitable.
Bis zur endgültigen Entscheidung führt der bisherige Leiter noch das Team.
Until the final decision, the current director is still leading the team.
Nach der Übergabe berät der ehemalige Leiter noch das Team.
After the handover, the former director is still advising the team.
