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Hi,
I am doing BPP kit question 21 (Falcon), and requirement (a) asks us to distinguish between forecasts and projections, both sub-elements of prospective financial information. I checked the answer, but I am a bit confused by the wording. Could you possibly explain it in simple terms, and give some examples?
Thanks in advance!
How about this from wikipedia?
“A prediction (Latin præ-, “before,” and dicere, “to say”) or forecast is a statement about the way things will happen in the future, often but not always based on experience or knowledge. While there is much overlap between prediction and forecast, a prediction may be a statement that some outcome is expected, while a forecast is more specific, and may cover a range of possible outcomes.”
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