Budget Management Essays (Examples)

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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 three benchmarking techniques, and identify those that might improve budget accuracy, and justify the choices made.
Strategies to Manage Budgets

Many strategies may be used to control budgets; managers and the chief financial officer of most healthcare organizations have the tools needed to manage the budget. By managing the budget the organization will be better prepared for the financial forecasts, which are the company's future expenses. Some strategies and tools that will assist with managing the budget are zero based, activity based,….

Budget Management Analysis
In budgeting, one of the major challenges is accurately predicting the profit margins of a firm. This is because there are uncertainties from changes in the economy and their industry. These factors could adversely affect their earnings. To improve accuracy, accounting personnel must use tools and strategies that will enhance analysis. This will be accomplished by focusing on: tactics for managing budgets, comparing results with expectations and recommending three benchmarking techniques. Together, these elements will provide insights as to the best approaches for controlling the budget. (Kimmel, 2009)

Determine specific strategies to manage budgets within forecasts.

A common issue with any kind of budget is managing expenses. This is because costs will inadvertently rise, as there will be impacts from inflation. When this happens, the firm's profit margins are negatively affected. To prevent this there must be strategies developed that are focusing on intelligently controlling spending and increasing revenues. Some….

budget management analysis, it generally looks at how budgets can be effectively managed so as to be in line with the forecast that was earlier made. The first section of the easy spells out different strategies that can be applied to effectively manage budgets. The second section looks at budget variance and how they arise and what strategies can be used to remove them. The last section of the study will indicate three bench marking techniques that can be used to improve the accuracy in future forecast.
Strategies to manage budget within forecasts

Budget as a financial plan is based on expected future activities and is used to control that activity and hence it is possible to make a number of forecast of the financial outcome under different assumptions and the forecast which best meets the firm's or individual objective and is within its capabilities is chosen as the budget. The….

budgeting management was most helpful to me, I believe, in the sense that it actually helped clarify the various processes about which I wrote, providing me greater conceptual awareness of budget management planning, processes, and content. Of the essays I completed, I must admit that I like various parts of all of them, but feel that my third essay was the best. By then I was more confident about what I was writing. Overall, what I learned from writing all three essays, an insight that will, I believe, remain with me long after this course, is that one learns a great deal more about a subject from writing about it.
My third essay was the best-focused of the three, and most detailed and specific. It was the end result of much thinking I had done. My best sentence, within that essay was (I feel): "The top management, working with the….

Managing the Budget
PAGES 5 WORDS 1521

Budget Management Analysis
So much connected to the process of budgeting is difficult. It can be difficult to draft a budget which is accurate and which connects to all project needs. Moreover, it can be quite challenging to stay within the guidelines of a budget. However, organizations and projects must be held to that regardless for their present and future success, not to mention their own level of sustainability.

Thus, whenever finance teams draft budgets, there still need to be people on the accounting team who are specifically there just to enforce the budget and to ensure that all members of the team are able to follow the guidelines set forth. Even with these specific professionals involved with the project, there is still a need to engage in concerted steps to ensure that the project remains on budget. Specific measures need to be taken by the accounting and finance team even after….

Budgeting Manager
PAGES 3 WORDS 798

Functions That udgeting Accounts for Is the Planning Function
We will be arguing for the importance of the planning function in the overall budgeting activity and will be arguing for the many ways the budgeting planning function is coordinating with the company's strategic planning.

First of all, the planning function in terms of budgeting refers to the planning activities that the company, starting with the financial department, needs to (1) determine what the company's long-term strategy is, (2) determine what projects bring most added value to the company and (3) determine what priority these projects should have.

Let's refer to each of these steps in part and determine how they impact the budgeting strategy of a company. The long-term strategy for a company is essential in determining the overall objective of a company. For the long run, this may be increasing the volume of sales or increasing the market share or promoting….

Budget Management Analysis
The main purpose of this report is to establish the necessities as well as the costs of iPatientCare HE software to the already existent record keeping system of Home Health Care Agency. Home Health Care Agency is an organization that offers health care to patients in their homes in its targeted region. The agency provides both medical and non-medical services for adult patients in their places of residence. The agency is attributed to provide specified home care and private nursing. The health care services which are provided by the agency are split into two broad classifications which are skilled nursing and therapeutic services. This particular report will reveal the finance costs and also the deemed benefits of the capital expenditure item.

The issue at hand is that in the past number of years, Home Health Care Agency has had a healthy financial performance but the organization has constantly been….

Budget Qs the New Manager
PAGES 2 WORDS 572

Decreasing purchases of the items that regularly expire, assuming that such a decrease does not dramatically increase the per-unit cost of each of these items, would definitely present a cost savings to the organization. The other major costs that the organization has some (though not total) control over are the lost balls and the cost of trainers; it is likely that a move to hiring permanent trainers would be more cost-effective than hiring them on an as-needed basis, but more regular participation levels will need to be established for this to be effective. Likewise, it is possible for the organization to reduce lost equipment costs by erecting a temporary barrier to contain wildly hit balls, but the cost of the barrier would need to be fairly low and its durability fairly high to justify this.
6)a. Sales price variance = (25x40000) -- (25x39200) = 20000

Sales volume variance = (20x40000) --….

Trending analysis through a balanced scorecard methodology is used to evaluate the level of performance of each practice relative to another based on patients served, costs, and support costs. The use of balanced scorecards as part of the strategic planning process in healthcare organizations is a best practice that delivers insights and intelligence that drives ROI strategies (Niles, 2010). This is certainly the case with the healthcare organization interviewed.
3. What are some of the most important practices or activities related to this function? What is your involvement?

Managing the underlying IT systems that make the reporting performance evaluation and improvement processes possible is the most important activity related to that specific function. As the acting CIO for the healthcare organization, the person interviewed must also manage the teams that keep the computer systems up and running over time. The have completely accountability and responsibility for keeping the entire IT systems….

At the same time, he then acts as an interface and communicates to the team the general directions in which the company is moving. However, the project manager also acts as an internal motivator within the team, a coordinator and organizer.
A similarly important role will be played by the project manager in his capacity to act as an interface between the different entities and shareholders involved in a certain project. In order to control scope, several documents should be used, such as, for example, the statement of work, as part of the requests for proposals, or scheduling and budget estimates. For these, the project manager will work with representatives from other departments (marketing and sales etc.), but also with the clients. At the same time, the project manager will have consulted previously with his own team, thus being able to carry to these meetings their own evaluations and estimates.….

Given the fact that the entire organizational structure relies on performance, one needs to ensure that (1) performance levels are reasonably defined and (2) that these performance levels are known to all employees within the organization.
In this sense, an organization that will be implementing the respective framework needs to make sure that the performance levels are reasonably defined. Perhaps an external structure or organization can help defined reasonable levels for outcomes.

The problem we have previously discusses seems to have itself a counterpart in terms of the performance measurement and reporting systems. First of all, measuring performance means that there are specific performance criteria that can be used. These are, in part, related to the strategic planning details I have mentioned on the previous paragraphs.

Second of all, one needs to take into consideration the reasonability of the person who is making the assessments. Again I suggest here someone from outside….

The performance of each team member depends on the performance of all others, this being a team project. Constraints include time and financial resources; as such improvement requires permanent improvement effort.
isk Management. No risk has been identified related to the project's completion.

Monitoring and Controlling Mechanisms. The data analysts will develop a metric system to measure each member's performance on a weekly basis. This weekly performance will be submitted to the project manager for potential adjustments.

V. Operations management plan

Operations Strategy. An easy way to understand the meaning of operations strategy is to break the word into the two separate words: operations and strategy - these words being the opposite of each other (Slack & Lewis, 2002). 'Operations' is about the functions and procedures regarding the day-to-day processes, while 'strategy' is about the direction and scope of an organisation over a long period of time. The operations strategy in this case….

This can come in a number of forms, including rules, "best practices" and job descriptions. Output controls place the focus squarely on the output, with significantly less attention on the behaviors that lead to the output. For example, when a sales person has a quota, that is an output control because the behavior is driven entirely by the end result. Input controls works by placing constraints on process inputs as a means of exerting control. An example might be setting a strict budget for a project. This focuses the manager on sticking to that budget, a process that the organization feels will result in the goals being achieved.
Benchmarking is useful for most firms. The exception would be firms that for one reason or another are not in a competitive environment. For those firms that are in a competitive environment, they can benefit from benchmarking because the benchmark sets the….

Management
Undercover Boss is a great show for illustrating core management concepts. A season five episode features the CEO of the Larry H. Miller Company, owner of the Utah Jazz along with eighty other concerns. This episode features issues related to occupational health and safety, customer service and marketing. In the episode about Modell's Sporting Goods, a family-owned business that has been around since 1889, issues related to logistics, wages, and social justice come to the fore. In the first season episode featuring the CEO and president of 7-11, issues related to management and corporate structure, customer service, and quality assurance are brought to light. These three episodes can all be used to better understand textbook concepts, from the particular skills managers need to succeed to ethics and social responsibility. Of these three episodes, the most engaging was the one about Modell's because of the way the owner came to realize….

S. DHS "Strategic Plan," 2008, http://www.dhs.gov/xabout/strategicplan/) ealistically acts of terrorism, domestic or foreign are exceedingly rare, though slightly more common than they have been in the past and at least marginally more violent in nature, they occur very, very rarely. (Lewis, 2000, p. 201) Though maintaining serious preparedness the mitigation of natural disasters, most which cannot be avoided is an issue needed to be addressed almost yearly, on both small and large scales, across the nation and is much more likely to directly effect people and resources on an intimate level and should be the Emergency Management system's first and primary concern! Though worst possible case scenarios, regarding the use of WMDs is important it is not where all the resources should go.
(5. In the course, you have been introduced to the various responsibilities of different levels of government in the homeland security effort. What level of government do you….

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5 Pages
Essay

Business - Management

Budget Management Analysis Is Used by Mangers

Words: 1355
Length: 5 Pages
Type: Essay

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…

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5 Pages
Essay

Economics

Budget Management Analysis in Budgeting One of

Words: 1423
Length: 5 Pages
Type: Essay

Budget Management Analysis In budgeting, one of the major challenges is accurately predicting the profit margins of a firm. This is because there are uncertainties from changes in the economy…

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4 Pages
Essay

Economics

Budget Management Analysis it Generally Looks at

Words: 1246
Length: 4 Pages
Type: Essay

budget management analysis, it generally looks at how budgets can be effectively managed so as to be in line with the forecast that was earlier made. The first…

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2 Pages
Term Paper

Business - Management

Budgeting Management Was Most Helpful to Me

Words: 775
Length: 2 Pages
Type: Term Paper

budgeting management was most helpful to me, I believe, in the sense that it actually helped clarify the various processes about which I wrote, providing me greater conceptual…

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5 Pages
Essay

Business - Management

Managing the Budget

Words: 1521
Length: 5 Pages
Type: Essay

Budget Management Analysis So much connected to the process of budgeting is difficult. It can be difficult to draft a budget which is accurate and which connects to all project…

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3 Pages
Term Paper

Business - Management

Budgeting Manager

Words: 798
Length: 3 Pages
Type: Term Paper

Functions That udgeting Accounts for Is the Planning Function We will be arguing for the importance of the planning function in the overall budgeting activity and will be arguing…

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11 Pages
Research Paper

Healthcare

Assessment of Management of Budget

Words: 3529
Length: 11 Pages
Type: Research Paper

Budget Management Analysis The main purpose of this report is to establish the necessities as well as the costs of iPatientCare HE software to the already existent record keeping system…

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2 Pages
Case Study

Business - Management

Budget Qs the New Manager

Words: 572
Length: 2 Pages
Type: Case Study

Decreasing purchases of the items that regularly expire, assuming that such a decrease does not dramatically increase the per-unit cost of each of these items, would definitely present…

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2 Pages
Essay

Business - Management

Management Functions and Roles Please

Words: 580
Length: 2 Pages
Type: Essay

Trending analysis through a balanced scorecard methodology is used to evaluate the level of performance of each practice relative to another based on patients served, costs, and support…

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3 Pages
Research Proposal

Business - Management

Managing Creative Project Ref Proposals

Words: 814
Length: 3 Pages
Type: Research Proposal

At the same time, he then acts as an interface and communicates to the team the general directions in which the company is moving. However, the project manager…

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3 Pages
Term Paper

Business - Management

Managing for Results A Strategic

Words: 758
Length: 3 Pages
Type: Term Paper

Given the fact that the entire organizational structure relies on performance, one needs to ensure that (1) performance levels are reasonably defined and (2) that these performance levels…

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8 Pages
Thesis

Business - Management

Managing Projects Operations and Information

Words: 2210
Length: 8 Pages
Type: Thesis

The performance of each team member depends on the performance of all others, this being a team project. Constraints include time and financial resources; as such improvement requires…

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4 Pages
Essay

Business - Management

Management by Objectives Is Based

Words: 1182
Length: 4 Pages
Type: Essay

This can come in a number of forms, including rules, "best practices" and job descriptions. Output controls place the focus squarely on the output, with significantly less attention…

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3 Pages
Essay

Business - Management

Management Undercover Boss Is a Great Show

Words: 993
Length: 3 Pages
Type: Essay

Management Undercover Boss is a great show for illustrating core management concepts. A season five episode features the CEO of the Larry H. Miller Company, owner of the Utah Jazz…

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5 Pages
Essay

Business - Management

Managing Homeland Security You Were

Words: 2062
Length: 5 Pages
Type: Essay

S. DHS "Strategic Plan," 2008, http://www.dhs.gov/xabout/strategicplan/) ealistically acts of terrorism, domestic or foreign are exceedingly rare, though slightly more common than they have been in the past and at…

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