Problem:
As a division manager at On Your Mark, you are expected to work with the Finance department to develop financial forecasts for your division.
Complete the following:
1. Prepare a document that explains why forecasting is important to an organization.
2. Explain the forecasting process, compare, and contrast it to the budgeting process.
3. Discuss the role of projected or forecasted (pro forma) financial statements in the budgeting process.