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There are 3 - step process determining and detaiting a firm`s long-- and short- term financial goals.
- The process is usually managed by the firm`s financial department.
-Planning,outlines the the company`s financial direction and expenditures for the next five years.
- Forecasting-use accumulated historical data to predict financial outcomes for future months or years.
-Budgeting-,documents how the overall plain will be executed month to month,specifying
expenditures.
-Control is essential for effective management.
-Corporate planning,budgeting and control are effective because they lead the company to the mission,the vision and the goals
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