A formal setting of targets, by an individual, a group of people, or a business or government organisation, based on estimates, of revenue and expenses over a specified future period of time. It is used to compare actual performance against estimates and targets periodically, to inform those responsible of potentially significant changes either in the way the organisation is operating or in the external environment in which it is operating. Estimates and targets are re-evaluated from time to time.

« Back to Glossary Index