DIFFERENCE BETWEEN BUDGET AND FORECASTING

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Arun Iyer

Arun Iyer (Querist)
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07 July 2010 DEAR ALL,

Difference between Forecasting and Budgeting?

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K A K

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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07 July 2010 Once the financial objectives have been set, it is possible to prepare and agree a budget. A budget should relate the overall plan in figures. It is different from a forecast in the sense that the plan, and therefore the budget, sets minimum requirements, whereas a forecast is usually an expectation of what is likely to happen.

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CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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07 July 2010 What Is Budgeting?
Budgeting is the process of organizing your existing income and expenses for the purpose of projecting your [financial-based] values out into the future. The process of budgeting itself, though, is primarily an organizational process.

What is Forecasting?
Forecasting is the actual projection of your values out into the future with an expected (but not guaranteed) result.

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