Development product strategic marketing potential and sales forecasting/budget preparation
Answers
Budgeting, planning and forecasting (BP&F) is considered to be a three-step process for executing and detailing short and long term financial objectives of an organization.
The process is generally looked after and managed by financial department of the organisation under the guidance of Chief Financial Officer.
The three steps are described as :
1)Planning –3 to 5 year planning is done outlining financial direction and expectations of the organisation.
2)Budgeting -It is a document related to the strategy how the overall plan will be executed monthly , specifying expenditures.
3)Forecasting –This process uses accumulated historical data to predict future financial outcomes .
BP&F software can benefit the business houses by consolidating and centralizing financial information.
This can make it easier for finance managers to make most accurate budgets and carry out scenario analysis.
The software can be purchased by the company as part of an integrated corporate performance management (CPM) system.
Situation C:Development product strategic marketing potential and sales forecastin