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GCSE Business · key term
An estimate of a future outcome, such as sales revenue, costs or profit.
Used by Edexcel and OCR
Specification 1.4.4 · Paper 1
Revise: Business PlansA business plan is a document that brings these decisions together. It sets out the business idea, its aims and objectives, how it intends to operate and its financial forecasts. Preparing it before starting encourages the owner to investigate the idea before committing money and resources.
Paper 2
An estimate of a future outcome based on available information and assumptions.
Distinguish forecasts from actual results. Forecast sales and profits are estimates, not guaranteed outcomes.
For an evaluation, explain why planning is useful, then consider the reliability of the research and forecasts. A plan cannot guarantee success or finance.
Support an evaluative judgement with the business context and explain what the usefulness of the forecast depends on.
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Finance supplies cost and revenue forecasts; marketing considers prices and how to attract customers; operations plans the output needed to meet expected sales.