Target vs. Budget: What's the Difference?
Edited by Huma Saeed || By Sawaira Riaz || Published on October 24, 2023
A specific objective or goal. An estimation of income and expenditure for a set period.
Key Differences
Targets are specific objectives or aims that individuals, businesses, or organizations strive to achieve. Budgets, in contrast, are detailed plans outlining the expected income and expenditure, usually over a set time frame.
Sawaira Riaz
Oct 24, 2023
In a business setting, a target might be a sales goal for a quarter or a goal to increase customer engagement. The budget would lay out the expected revenues and costs, ensuring that the resources are allocated efficiently to achieve the target.
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While a target is more of a destination or a point one wishes to reach, a budget acts as a roadmap guiding how to get there. For instance, if a company's target is to launch a new product, the budget will define the funds allocated for its development, marketing, and distribution.
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Oct 24, 2023
Targets can be short-term or long-term, varying from daily goals to annual milestones. Budgets can also vary in duration but are often tied to specific periods, like monthly budgets or annual fiscal plans.
Aimie Carlson
Oct 24, 2023
Both targets and budgets require monitoring and adjusting. If a sales target is not being met, strategies might be reconsidered. Similarly, if expenses are surpassing the budget, cutbacks or re-allocations might be needed.
Sara Rehman
Oct 24, 2023
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Comparison Chart
Definition
A specific objective or goal.
An estimation of income and expenditure.
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Purpose
To set an aim or desired outcome.
To plan and manage financial resources.
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Adjustments
Strategies might be reconsidered if not met.
Cutbacks or reallocations if surpassed.
Janet White
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Components
Can be numeric or qualitative.
Typically involves financial figures.
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Target and Budget Definitions
Target
A goal or result one aims to achieve.
The company set a target of increasing sales by 10%.
Janet White
Oct 09, 2023
Budget
A financial plan for a defined period.
The annual budget was approved by the board.
Aimie Carlson
Oct 09, 2023
Target
A person, object, or place selected for attack or criticism.
The politician became a target for media scrutiny.
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Budget
An allocated amount of money for a specific purpose.
We have a limited budget for the marketing campaign.
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Oct 09, 2023
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Budget
A summary of expected incomes and expenses.
She maintains a detailed monthly budget.
Janet White
Oct 09, 2023
Target
A mark or point at which someone shoots or aims.
The archer hit the bullseye of the target.
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Budget
An inexpensive option or version.
He stayed in a budget hotel during his trip.
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Target
An intended market or audience.
Teenagers are the primary target for this new product.
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Budget
An itemized summary of estimated or intended expenditures for a given period along with proposals for financing them
Submitted the annual budget to Congress.
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Target
An object, such as a padded disk with a marked surface, that is shot at to test accuracy in rifle or archery practice.
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Budget
A systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period
A new car will not be part of our budget this year.
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Budget
The total sum of money allocated for a particular purpose or period of time
A project with an annual budget of five million dollars.
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Budget
A stock or collection with definite limits
"his budget of general knowledge" (William Hazlitt).
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Target
One to be influenced or changed by an action or event
Children were the target of the new advertising campaign.
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Budget
To plan in advance the expenditure of
Needed help budgeting our income.
Budgeted my time wisely.
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Target
A railroad signal that indicates the position of a switch by its color, position, and shape.
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Target
A usually metal part in an x-ray tube on which a beam of electrons is focused and from which x-rays are emitted.
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Budget
Appropriate for a restricted budget; inexpensive
A budget car.
Budget meals.
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Target
(Biochemistry) A molecule or molecular structure, such as a protein or a nucleic acid, that a drug or other compound interacts with and modulates the activity of.
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Budget
The amount of money or resources earmarked for a particular institution, activity or timeframe.
Limited budget
Unlimited budget
Tight budget
Within the budget
Over the budget
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Budget
(by implication) A relatively small amount of available money.
We're on a budget, so we can't afford to eat at that restaurant.
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Target
To identify or treat as the object of action, criticism, or change
Targeted the molecule for study.
Targeted teenagers with the ad campaign.
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Budget
An itemized summary of intended expenditure; usually coupled with expected revenue.
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Target
To design for or direct toward a specific object or audience
Targeted the ad campaign toward seniors.
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Target
(Biochemistry) To interact with as a target
Drugs that target estrogen receptors.
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Target
A butt or mark to shoot at, as for practice, or to test the accuracy of a firearm, or the force of a projectile.
Take careful aim at the target.
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Target
A goal or objective.
They have a target to finish the project by November.
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Budget
(intransitive) To construct or draw up a budget.
Budgeting is even harder in times of recession
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Target
A person, place, or thing that is frequently attacked, criticized, or ridiculed.
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Budget
(transitive) To provide funds, allow for in a budget.
The PM’s pet projects are budgeted rather generously
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Budget
(transitive) To plan for the use of in a budget.
The prestigious building project is budgeted in great detail, from warf facilities to the protocollary opening.
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Target
(obsolete) A shield resembling the Roman scutum, larger than the modern buckler.
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Budget
A bag or sack with its contents; hence, a stock or store; an accumulation; as, a budget of inventions.
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Budget
The annual financial statement which the British chancellor of the exchequer makes in the House of Commons. It comprehends a general view of the finances of the country, with the proposed plan of taxation for the ensuing year. The term is sometimes applied to a similar statement in other countries.
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Target
(sports) The pattern or arrangement of a series of hits made by a marksman on a butt or mark.
He made a good target.
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Budget
A sum of money allocated for a particular purpose;
The laboratory runs on a budget of a million a year
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Budget
A summary of intended expenditures along with proposals for how to meet them;
The president submitted the annual budget to Congress
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Target
(rail transport) A conspicuous disk attached to a switch lever to show its position, or for use as a signal.
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Target
(cricket) the number of runs that the side batting last needs to score in the final innings in order to win
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Budget
The amount of time allotted for a task.
We are on a tight budget for completing this project.
Janet White
Oct 09, 2023
Target
(translation studies) The translated version of a document, or the language into which translation occurs.
Do you charge by source or target?
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Target
A person (or group of people) that a person or organization is trying to employ or to have as a customer, audience etc.
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Target
A thin cut; a slice; specifically, of lamb, a piece consisting of the neck and breast joints.
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Target
To aim for as an audience or demographic.
The advertising campaign targeted older women.
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Target
To produce code suitable for.
This cross-platform compiler can target any of several processors.
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Target
A butt or mark to shoot at, as for practice, or to test the accuracy of a firearm, or the force of a projectile.
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Oct 08, 2023
Target
A conspicuous disk attached to a switch lever to show its position, or for use as a signal.
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Target
A thin cut; a slice; specif., of lamb, a piece consisting of the neck and breast joints.
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Target
A goal for an activity; as, the target of this year's fundraising drive is 2 million dollars.
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Target
A metallic object toward which a beam of electrons is aimed in a tube designed to generate X-rays; when the electrons strike the target, the impact causes emission of X-rays.
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Target
Any object toward which a beam of photons, a laser beam, an electron beam, or a beam of atomic or subatomic particles is aimed.
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Target
A person who is the aim of an attack (especially a victim of ridicule or exploitation) by some hostile person or influence;
He fell prey to muggers
Everyone was fair game
The target of a manhunt
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Target
Sports equipment consisting of an object set up for a marksman or archer to aim at
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Target
The goal intended to be attained (and which is believed to be attainable);
The sole object of her trip was to see her children
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Target
Intend (something) to move towards a certain goal;
He aimed his fists towards his opponent's face
Criticism directed at her superior
Direct your anger towards others, not towards yourself
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FAQs
Can a target be non-financial?
Yes, a target can be both numeric, like sales figures, or qualitative, like improving brand image.
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Can a target change over time?
Yes, targets can be adjusted based on changing circumstances or new information.
Sara Rehman
Oct 24, 2023
What is a target?
A target is a specific objective or goal set to be achieved.
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What happens if expenses exceed the budget?
If expenses surpass the budget, it may require cutbacks, reallocation of funds, or revising the budget.
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Is budgeting only for businesses?
No, budgeting is useful for individuals, households, governments, and organizations.
Sara Rehman
Oct 24, 2023
Can a target be a person?
Yes, in contexts like criticism or competition, a person can be referred to as a target.
Harlon Moss
Oct 24, 2023
How does a budget differ from a target?
A budget is an estimation of income and expenditure, while a target is a desired outcome or objective.
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Why is a budget important for businesses?
A budget helps businesses plan and manage their financial resources, ensuring efficient allocation to achieve goals.
Harlon Moss
Oct 24, 2023
Can a budget be flexible?
Yes, flexible budgets can adjust to changes in actual income or expenditure.
Harlon Moss
Oct 24, 2023
What factors influence setting a target?
Factors can include past performance, market conditions, resources available, and strategic objectives.
Harlon Moss
Oct 24, 2023
Do targets always need to be realistic?
While setting realistic targets is beneficial, aspirational targets can inspire higher performance.
Sara Rehman
Oct 24, 2023
What does it mean to "hit the target"?
"Hitting the target" means achieving or reaching the set goal or objective.
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Oct 24, 2023
Is a budget always about money?
While budgets are primarily financial, they can also refer to time or other resources.
Aimie Carlson
Oct 24, 2023
What tools help in budgeting?
Tools like spreadsheet software, budgeting apps, and financial planning software aid in budgeting.
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How often should one review their targets?
Review frequency can vary, but regularly checking progress ensures alignment with objectives.
Aimie Carlson
Oct 24, 2023
What's the benefit of a "zero-based budget"?
A zero-based budget requires justifying every expense, ensuring only necessary costs are included.
Sara Rehman
Oct 24, 2023
Why is it important to align targets and budgets?
Aligning targets and budgets ensures resources are effectively utilized to achieve desired outcomes.
Harlon Moss
Oct 24, 2023
Why might one have a "budget constraint"?
A budget constraint arises when resources, typically financial, are limited or predefined.
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How is a "sales target" defined?
A sales target is a set amount of sales, in volume or value, that a company aims to achieve in a specific period.
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What's a "budget surplus"?
A budget surplus occurs when actual income exceeds planned expenses.
Sara Rehman
Oct 24, 2023
About Author
Written by
Sawaira RiazSawaira is a dedicated content editor at difference.wiki, where she meticulously refines articles to ensure clarity and accuracy. With a keen eye for detail, she upholds the site's commitment to delivering insightful and precise content.
Edited by
Huma SaeedHuma is a renowned researcher acclaimed for her innovative work in Difference Wiki. Her dedication has led to key breakthroughs, establishing her prominence in academia. Her contributions continually inspire and guide her field.
