Difference between Budget and Forecast
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.
Example:
You might choose to budget for sales of £180,000 and use this figure in calculating your likely expenditure, profit and so on. Based on your market research, however, you predict sales of £200,000, and set a target of £220,000, in order to stretch your sales force. If all your costs are covered by the budgeted figure, then you will make a greater profit if you achieve the forecast and a still greater one if you achieve the target. (Whilst this is an important distinction, in practice for most businesses the forecast and budget will be the same.)
Financial forecasting considers variables like how your dollar and spending power will be effected by interest rates, the price of goods and services, etc in the future.
Budgeting is more "real-time' dealing with the practical world... your capital and your financial goals.
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Rahil Farooq Khan
Budgeting is (now) working expenses/G&A into the sales dollars generated for the budgeting period at hand. Forecasting is (looking) into the future to forecast sales and expenses.
Forecasting is done basically on the past data and prediction is just a guess. The prediction may go wrong but the chances of forecasting to fail is little less. Eg. Prediction of fate and forecasting the rainfall.
Forecast is made on basis of past sales and forecasting I don't know
The difference between a earthquake forecast and an earthquake prediction us that an earth quake forecast is when people say whats gonna happen and a prediction is what scientist think what might happen.
The only difference is between a prediction made by a man and a prediction of God
A point forecast is a single answer e.g. it is going to rain at 1pm. An interval forecast is based on uncertainity e.g. it is going to rain between 12pm and 2pm. An interval forecast is used because a forecast is always precisly wrong and appromatley right, y.e. don't give a precise answer because it will be wrong.
Difference between observation, inference ,and prediction
A great amount of confusion seem to have grown up in the use of words 'forecast', 'prediction' and 'projection'. A prediction is an estimate based solely in past data of the series under investigation. It is purely mechanical extrapolation. A projection is a prediction where the extrapolated values are subjects to a certain numerical assumptions. A forecast is an estimate which relates the series in which we are interested to external factors. Forecasts are made by estimating future values of the external factors by means of prediction, projection or forecast and from these values calculating the estimate of the dependent variable.
a prediction about outcome that is predited. Such as weather forecast
what is sales forecast
A forecast is a weather prediction that weathermen or weather women think will happen. Can also mean a prediction or a conjecture about something in the future other than weather eg economy .
yes
difference b/w anticipation and prediction
A forecast could be a conjecture, a prediction, or a prognostication.
a prediction!!!