What is the difference between forecasting and projection?

Forcasting: is based on raw numbers, backed with financial statements. Evaluation of a company is mainly done by investigating the given financial profile of a company based upon the books.   

Projection: Evaluating the position of a given company, not only by the financial statements, but using assumptions and supposing other influences that might change the copanys performance or market position. 

Personal remark: Projections should be used while evaluating a company, because it might contain true information of projected sales or planed projects, that the books might not show at time of evaluation.   

Budget forcasting is a process that analyzes an organization's financial statements and current financial position, and presents an assumption of how the organization will behave in the future. A financial projection, on the other hand, is a hypothesis that is based on assumptions, not actual data.

forecasting is a process that analyez an organization finicial position and present and how will behave in the future .projection is based on assumptions not actual data 

FORECASTING IS ANALYSIS OF PRESENT AND FUTURE DATA AND PROJECTION IS THE STUDY OF FUTURE BASED SITUATION