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Forecasting and Budgeting
Managers are expected to achieve strategic goals by making the best business judgments possible using limited resources. To do this successfully, they need to be able to budget and forecast. Forecasting is the process of analyzing historical data along with market, economic, and industry trends to make good financial and business decisions. We’ll review the role forecasting plays in constructing different kinds of budgets, avoiding common budget pitfalls, and planning for “what-if” scenarios.
- Identify the types of forecasting
- Infer budgeting basics
- Manage pitfalls
- Plan for other scenarios