The forecasting process includes the preparation of the final budget.
The following process will help when preparing a budget for the laboratory workplace3:
- Review previous budget assumptions (modify if needed, and then review them one more time)
- Identify any bottlenecks (potential delays due to any number of reasons, as well as proposed ideas to manage these risks)
- Predict all available revenue
- Determine step costs (any expense that changes based on activity level, usually related to growth expenses - eg, additional employees, a new building)
- Review the budget with management before the formal release
- Create and release the formal budget packet (to include all recent changes, potential bottleneck solutions, and step costing information)
