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Don’t Let Forecasting Overshadow Your Planning
July 5, 2017
While forecasting is a vital practice, it can be misused and overshadow or replace business planning. Part of the problem is that finance professionals use forecasting and planning interchangeably, but they are completely different. Planning is about knowing where you are today and determining where you want to go, whereas forecasting is more about estimates and trying to figure out what the future will bring. It is important to understand the difference and to not overlook the value of forecasting, but also to know when it is useful.