What’s the difference between your budget and forecast?
Berkonomics
JULY 20, 2023
Hold it! These are confusing terms. When does a budget become obsolete? Do we rely upon constant changes and call it a forecast? So, let’s spend a few moments defining this sometimes-confusing set of terms. This is a budget: A budget should be created each year after a series of negotiations between departmental managers and their superiors all the way yup to the CEO, all in support of the next year’s tactics previously agreed upon (which in turn support the longer-term strategies leading to the
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