This morning, I had a conversation with Dennis Stroud of Spitfire Project Management about BFA. Dennis is the gentleman that did the design work for BFA. I asked him about the difference between Budgeting, Project Analysis, and Forecasting. He summarized it in the following way:
Project Analysis
A snapshot of where you are today, that is current and created everytime you ask for a project analysis.
Budget
In the budget, the actuals are frozen on the date that you create the budget.
Forecasting
Forecasting is predictive. It takes the Actual vs. The Budget and makes some basic projections.
Stay tuned, because I'll talk a little about some of the very cool stuff I've been able to do in BFA.
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