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Forecasting and budgeting are two fiscal disciples which mainly involve the planning, allocating, and disbursing of monetary resources after a detailed market study of yester years and the future market trends and the company expenditure and revenues.
With forecasting techniques such as trend estimation, product forecasting, technology forecasting etc it’s extremely important for a company to forecast the market value, market trend, product awareness, price, distribution all the other key factors before manufacturing any new product and this of course goes hand in hand with budgeting and evaluating the potential investment required for any product to reach the market.
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