Saturday, November 29, 2008

Difference between budget and forecast

Both are relating to the estimation of future but , if we deeply study the both concept we can get following differences between them. :-

1st Difference

Budget is based on planned events . We actually makes stand in advance and then control our position

forecasting is just estimation of uncertain future for making planning .

2nd Difference

Budget is made for one financial period

Forecasting is for long time.

3rd Difference

It is necessary for budget or corporate to make budget

forecasting is suitable in that field where we do not make budget.

Related : Govt. Budget

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