What is a projection?
A projection is similar to a forecast however it primarily deals with a specific transaction, i.e. project how the company will do if we can borrow $1,000,000. It deals with overall strategy and one or more specific transactions.
What is a budget?
A plan, developed by management, to allocate resources to control expenses and limit spending.
What is a forecast?
It is a model of revenues and expenses to ascertain how our business might perform financially if certain strategies, events and plans are carried out. In addition it enables management to see actual financial operation of the business compared to the forecast.
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