It's a simple concept.

If you are planning a trip to Goa and you have planned to spend 30k in total that's your budget but when you check airline prices online and hotel prices online your expenditure reaches 35k so now you will have to revise your budget and that revised budget is your forecast which is based on your actuals and budgeted numbers you decided at start of your trip. Hope you got.it.

Budgeting and Forecasting is the process of planning annual budget , forecast in the beginning of the year , which would be later accounted every month against the actual expenditure of the project . ...read more