Which term is used to describe the prediction and control of income and expenditure within an organization?

Charging refers to the activity of recovering the cost of IT services from customers or business units, not the prediction and control of income and expenditure.

Governance refers to the broader framework of policies, accountability structures, and decision-making authority within an organization, not specifically to financial forecasting and control.

Budgeting involves creating a forward-looking financial plan that predicts both income and expenditure over a defined period, then monitoring and controlling actual figures against that plan. It is one of the three core activities in ITIL financial management for IT services - alongside accounting and charging - and ensures the organization remains within its financial targets.

Accounting involves tracking and categorizing how money has already been spent within the organization, which is a historical cost-tracking activity rather than prediction and control of future income and expenditure.