INTRODUCTION
Is an essential three-step process. Why? – Simply because, this process helps in determining and detailing an organization’s long- and short-term financial goals. Under the Chief Financial Officer’s (CFO’s) guidance, the process is usually managed by an organization’s finance department.
Many organisations apply the tools of budgeting and forecasting as a means of providing and updating tactical operating plans and controlling costs. World-class organisations use these, within a specifically designed framework to develop and execute business strategy and drive operations.