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Forecasts are best estimates of what we think will happen based on certain assumptions. Targets are what we think we should deliver.
Forecasts:- Expected production/sale/budget for next month or year. its calculated by the figures from last month or year.
Targets:- From my point of view, It varies in different industries, Sales department is responsible for the sales target, Production department takes responsibility of quality, reliability of finished goods/materials and cost of production, management can set any target, most probably it used to be higher than the forecast.
Foracast mean that what will be happen in the future so you are predicting the future by theories in numirics to stop the threat & avail the oppertunity.
Target mean that what do want to accomplish ..e.g you want to increase your sales or decreasing cost.
Expectations are the things that are expected to occur and be uncertain and sometimes works out the goals that the team is trying to reach them
1.Forecasts are expressions of expected ( most likely ) outcomes. The y are our best estimates of what we think will happen given a set of agreed assumptions.
2. Targets are an expression of ambition, intent and desire. They are what we should be delivering and they build commitment and ownership.
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