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Budgeting Management
The purpose of this research is to explore the relationship between budgeting and planning functions. There are substantial diferences between strategic plans and long-term budgets -- both in how they are created and in the end products. Very few organizations really need a multiyear budget. In fact, for many organizations, including community banks, they can sometimes do more harm than good. The function of the budget is to maintain, protect, and allocate the organization's resources. The strategic plan prepares the bank to make future decisions, enabling it to take advantage of opportunities as they arise and to avoid or lessen the effects of adverse developments.
Significance:
Budgeting management is essential in determining projects which are actually essential for the company, in other words, projects which bring added value to the company. The logic behind this is quite simple: after determining how much you are actually willing to spend during an investment or financial period, you need...
Budgeting helps here as well and, additionally, it shows you how you can actually carry out the other projects which do not fit on the initial list. Budgeting should be considered a long-term strategy, with all the implications this brings about.
We should point out towards the fact that budgeting shows a concern for the long-term evolution of the company, projects that could bring significant revenues in the future. Overall, we may point out towards the fact that a proper and well-worked budgeting strategy is bound to bring about a healthy and successful financial situation within the company.
Essay Plan:
Working thesis: Budgeting is one of the fundamental concepts in managing a business and it is often up to the budgeting policies that the managers decides upon that will conclude if the company is going to make it in the industry or not. The budgeting policy a company decides upon will show the top management team where the money is being spent and, even…
Budget management analysis is used by mangers as a tool and helps determine that all resources available are being used efficiently. The budgets are determined yearly and are based upon the previous year's budget and variances. This paper will discuss specific strategies to manage budgets within forecast, compare five to seven expense results with budget expectations, describe possible reasons for variances, give strategies to keep results aligned with expectations, recommend
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" (Huang & Chen, 1) This characterization of using the budgetary process to play 'games' carries with it a negative connotation, which is driven by the inherently threatening implications of tying personal income to performance evaluation. That said, budgetary clarity is among the most important features to creating and implementing an effective plan of operation in any context. This is to argue that there is never an excuse for a failure
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