A. Forecasting is more of technical activity than planning because of the mathematical models that may be used in the forecasting process. In any case, planning is certainly a management activity.

B. Planning is the process of determining how to achieve the company's goals and objectives, or the questions of what, how, when, where and who for the company's operations. This plan is then communicated to all of the company to serve as a guide for future actions. A forecast is an attempt to determine the future activity levels or environment that the company will be operating in. Forecasts are used in the planning process as a basis for some of the decisions that need to be made.

C. Both planning and forecasting can be used in either a short-term or long-term time frame.

D. Though these terms may often be used or thought of as synonyms, they are not. Planning is the process of determining how to achieve the company's goals and objectives, or the questions of what, how, when, where and who for the company's operations. This plan is then communicated to all of the company to serve as a guide for future actions. A forecast is an attempt to determine the future activity levels or environment that the company will be operating in.