Budget & Forecast are more than Financial!

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This intel was added by Roy Law

Roy Law

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Budget & Forecast are more than Financial! What is the difference? There are actually three terms involved; all measure something over a time period (usually a year, subdivided into months) and are best explained and defined through their financial application: Budget is a future estimate (of both income and expenses) made at a given point in time, preferably before the start of the financial year; it remains fixed throughout the financial year. Actual is what really happens during the year and, for any period, can be compared with the Budget Forecast can be made any time throughout the financial year and can be regarded as a revised Budget for the remainder of the financial year. Although these terms are usually associated with Money they can also be usefully applied to Dates of completion of Events; this gives an elementary but usable form of Project Management (which is the techno-posh way of saying Job Control). Reverting to financial applications there’s another useful term which is not fully explained in most dictionaries: Virement is the formal process of transferring amounts from one Budget category to another without altering the budgeted total of either income or expenses. There is often too much mystique created by many practitioners (geeks as well as accountants); hopefully this has reduced more techno-posh to common sense. © 2008, Roy Law.