Chapter 5

This chapter is about …

Whether everyone’s objectives are the same when forecasting. We’ll look at budgeting methods and review the budgeting process. I’ll introduce you to the example business ‘Widget Makers Ltd’ and we’ll decide on what’s needed for their example budget: for example, should we have a single or departmental budget?

Finally I’ll explain about cost categories, with definitions and examples, and between us we’ll determine the Widget Makers Ltd forecast duration.

Are everyone’s objectives the same?

The objectives of forecasting are as many and varied as those using them. Some of the typical forecasting and planning objectives ...

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