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What is difference between forecast and budget

Asked by: patil21sharad | Member Since Jun-2010 | Asked on: Jun 18th, 2010

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Answered by: praveenpotturi

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Member Since Aug-2010 | Answered On : Aug 19th, 2010

A Budget is a plan that outlines an organization's financial and operational goals. So a budget may be thought of as an action plan; planning a budget helps a business allocate resources, evaluate performance, and formulate plans.

Forecast: Due to some operational reasons or managment decision plan maynot be followed as it was done in the begining of the year. So this is changed accordingly to comply with the organisations objects. This change in plan is called forecast.

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praveenpotturi

Answered On : Aug 19th, 2010

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A Budget is a plan that outlines an organization's financial and operational goals. So a budget may be thought of as an action plan; planning a budget helps a business allocate resources, evaluate performance, and formulate plans.

Forecast: Due to some operational reasons or managment decision plan maynot be followed as it was done in the begining of the year. So this is changed accordingly to comply with the organisations objects. This change in plan is called forecast.

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sowmya

Answered On : Oct 29th, 2011

Budget means planning future based on past, it is short period i.e., one year

Forecasting means estimating future for making planning,generally it is long period.

  
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