Forecasting and budgeting is a comprehensive planning process for organizations that involves projecting revenue, expenses, and other financial elements in order to make informed decisions about the future. It involves forecasting likely sales volumes, estimating costs to be incurred, and putting together a reliable financial plan for the organization’s near-term and long-term objectives. This process helps organizations be better prepared for risks and capitalize on opportunities, while also providing an invaluable insight into how they can increase their profits and optimize efficiency.