IMPORTANCE OF BUDGETING AND FORECASTING IN MANAGEMENT

Abstract

This article discusses the importance of budgeting and forecasting in management. It explains what budgeting and forecasting are, how to organize them, allocate resources, set goals, monitor progress, identify risks, and determine opportunities. The article also highlights some challenges and issues related to budgeting and forecasting, such as accuracy, uncertainty, and inconsistency, and proposes several solutions, including accepting variability and dynamic processes. It suggests using information sources and regularly reviewing and analyzing budgets and forecasts, leveraging technology, and improving accountability. Finally, the article presents literature reviews and comments on the budgeting and forecasting process in financial management.