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planning is to put a plan include3 types long and intermediate and short plans
Budget is the executive part of the short range plan which prepared for only one year also including details of sales volume, revenues, costs, expenses and cash flow etc.
Planning is the process of thinking about and organizing the activities required to achieve a desired goal.
A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows.
Planning is done for the long-term (5-10 years) and is strategic in nature while budgeting is for the short term (1-5 years) and is tactical in nature
Planning & budgeting are interlocked with each other
1.Planning is investment & budget is return
planning & budgeting are two wheels of a cycle,apparently there may be some theoritical difference but in practical field both are reciprocal.Planning is sketching a framework & budgeting is an adherence to work within that framework.In the long run i must say a successful budget is the fruit of a successful planning
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