For each of the steps in the "Seven Step Forecasting Game Plans" for forecasting:

1. Project revenues from sales and operating activities. 2. Project operating expenses and derive projected income. 3. Project operating assets and liabilities. 4. Project the financial leverage and capital structure.

5. Project non-recurring gains or losses (if any). 6. Check whether the projected balance sheet is in balance. 7. Derive the projected statement of cash flows.

Discuss the following:

Who do you suspect is being included in creating each step of the various company forecasts?

Why? Why not? Be specific about the various players and the reasons they might be involved.