A budget is a management document that sets down what different parts of an organization are required to take in and allowed to spend during the budget period. In other words it is a means of controlling the business.
Forecasting, on the other hand, predicts matters that are not under the control of the business, e.g., the external market.
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A budget is a management document that sets down what different parts of an organization are required to take in and allowed to spend during the budget period. In other words it is a means of controlling the business.
Forecasting, on the other hand, predicts matters that are not under the control of the business, e.g., the external market.
Forecasting is an essential part of budgeting.
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