What is "budget oversight"?

I think budget oversight encompass the following;

• year-to-date resources and expenditures are occurring in a manner consistent with the budget plans;
• resource shortfalls and/or expenditure overruns are identified and addressed as soon as possible;
• emerging or incurred deficits are identified, elimination plans are established, and incurred deficits are actively resolved.

WHEN THE BUDGET OF A COMPANY DOES NOT COVER CERTIN AREAS THAT AMY CREAT A LOSS FOR THE COMAPNY 

Forcasting as per budjet Vs Current