Forecast basically pertains to short-term projections or estimates of short-term financial results.Select one:TrueFalse

The statement is False.

Forecasting is a financial and business management practice that involves predicting future conditions based on historical data and trends. While it can pertain to short-term projections, it is not limited to them. Forecasts can also include long-term predictions that help businesses in strategic planning and decision-making. Short-term forecasts typically cover a period of up to one year, addressing aspects such as sales and expenses. However, long-term forecasts can extend beyond a year and involve broader projections that guide a company's overall strategy and resource allocation over several years. Therefore, the notion that forecasting is strictly about short-term estimates is incorrect, as it encompasses both short-term and long-term predictions.