What is forecasting & Budget?

What is the difference between these two?

Questions by chitrakandasami

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  • May 20th, 2010

Forecosting is done based on the past experiences of the persons in the particular field and predict the cost involved for the particular action or for the data collected about the a project in the past it is done on based of past data.

Budget is the cost involved for the project right from start all tha cost regarding materials, men power, place, time to complete the the project with in a time frame and the cost involved it.

In budgeting, a detail study will be done from laying a plan, study the number of methods to do the task, the technology to be use, the alternative way or process, manpower required and their skill level and the time duration from raw material to finished goods convertion and the work in progress must be taken to account and life time of project and return from the project are calculated in black and white based on which decision are taken whether to do the project are not. 

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