Financial forecasting and financial modeling are related but involve distinct work products and skill sets. A financial model is any modeling product that analyzes and demonstrates the financial status of a company or unit, and it can represent historical, current, or future performance, whereas a financial forecast is a specific type of financial model that endeavors to predict the future performance and metrics of a business or unit Both financial forecasts and other kinds of financial models can be highly valuable for providing businesses with analysis, understanding, and guidance in different use cases.