Budgeting And Forecasting
Source: Associated Content
The dictionary defines forecasting as predicting, calculating in advance, and conjecture as to something in the future. The dictionary further defines budgeting as an estimate of expected income and expense before hand and to plan operations based on such estimates. With relation to business, these definitions differentiate the two terms nicely. With forecasting you predict, with budgeting you plan for the future of the business based upon the forecasts.