Question

A distinction between forecasting and planning

A. Is not valid because they are synonyms.
B. Arises because forecasting covers the short-term and planning does not.
C. Is that forecasts are used in planning.
D. Is that forecasting is a management activity whereas planning is a technical activity.

Answer 1

Answer: A distinction between forecasting and planning is that forecasts are used in planning.

Planning is the process of determining an organization goals and objectives, this plan is then communicated to all of the institution to function as a enchiridion for future actions.

A forecast is an endeavor to find the future activity levels or surroundings that the institution will operate in. These are used in process of planning as a ground for some of the decisions.