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Project Budget and Control
Preparing a Budget
Top-down budgeting is business-planning system whereby the budgeting process begins with information flowing from the very top of the organization down to the departmental or divisional levels within the organization. The top down approach could be used in a large organization that deals with a project they have done before. The reason behind using this approach would be the fact that this is a big project. Therefore, an overall estimate would be made of task that are higher in level and then those estimates of higher-level tasks are then used in setting limits of the costs of lower level tasks. The advantage of using this method is the fact that there will be no need of relying on low-level managers to come up with information on budgeting. Therefore, the business will allow lower level managers focus on their specific departments and hence do their level best.
Bottom-down budgeting is a business planning system whereby departments are involved in budgeting and the departmental managers...
A bottom-down approach can be applied in a project that requires particular attention by all the managers in departments such as an organization introducing a new product into the market. The rationale behind choosing this budgeting system is the fact that the departmental managers need to be involved in their respective departments especially when it comes to the budget allocation. The advantage of this budgeting system is that fact that departmental managers are free to procure all they require as long as they ask for the right amount of money they need. It also allows for clear information flow and the use of detailed data available at the level of project management as the basic source of schedule, cost and the resource requirement information.
Project Control Systems
The article project controls; what is it and why is it important anyway? Starts by giving a definition of project controls. Project controls are defined as management actions,…
Reference
Project controlsonline.com (2012). Project Controls: What is it and why is it important ? Retrieved July 11, 2014 from http://projectcontrolsonline.com/Home/DefinitionandImportanceofProjectControls.aspx
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Advertising Budget The product being promoted by this particular budget is a new ladies razor, and the name that has been decided upon is the "Eternal Ladies Razor." The razor's value is that it lasts longer and is priced lower than the competitor's leading razor. Now it's time to get the word out to the targeted audience of single, hairy women between the ages of 20 -- 34. With our new
As one budget is completed, another is commenced. As one particular budget is completed by the financial staff, it will be thoroughly reviewed by the chief financial officer. When the CFO approves the correctness of the data used in the construction of the budget, she forwards it to the chief executive officer. Upon his own analysis as well as based on the input retrieved from the financial staffs, the
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Certain specialists in the field have agreed upon the two most important principles that the budget, whether it is a governmental or corporate one, should follow. One of the two principles consists in the fact that the budget should be designed as a tool for planning and monitoring (Andrews, 2007). Similarities between the Federal Budget and the Corporate One As mentioned above, the two types of budgets are very distinct in areas like the development process, budget