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IN SALES & MARKETING:
BUDGET is a detailed plan showing the expected sales for a future period.
FORECAST is a maximum possible sales opportunity (in units & value) over a future period (assuring the application of appropriate, planned & agreed marketing methods)
A budget is how you hope the business will operate; a forecast is what you think will happen. Budgeting and forecasting mechanisms are the same, but the budgeting process comes first. Forecasts are made later, when the outlines of the future are better defined. At that point, a comparison between budget and forecast may suggest actions to be taken and adjustments to be made to bring them closer together.
