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Part: II Financial Planning and Control > Budgeting and Planning Cycle

Chapter 8. Budgeting and Planning Cycle

To this point, this book has focused on events that have already occurred. The income, balance sheet, and cash flow statements provide a picture of past performance. But understanding what has already happened is a largely fruitless exercise if you can't use it to plan for the future. This chapter provides an overview of financial planning and budgeting, and discusses how forecasts and projections form one basis for your planning. Chapter 9, “Forecasting and Projections,” describes various forecasting techniques along with their Excel applications.

Textbooks prescribe elements for good business planning, such as mission statements, strategies, objectives, and tactics. These elements frequently focus on the customer's requirement for a quality product and for quality service.


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