Essential Of Budgeting Iyad S. Attari
INTRODUCTIONEssential Of Budgeting
INTRODUCTION• The managers most likely  to succeed in today’s  business environment, are  those who understand how  to use...
INTRODUCTION• Managing Budgets is an  informative and practical  guide to the essential skills  needed.• produce accurate ...
BUDGETING IN BUSINESS
BUDGETING IN BUSINESS• Using budgets is vital for the planning and  control of a business.• Budgets help co-ordinate actio...
BUDGETING IN BUSINESS• Budgets also give authority for departmental  managers to sustain expenditure by their  department....
BUDGETING IN BUSINESS• Budgets are a way for an organization to  generate information.• It can measure actual performance.
WHY BUDGET?• Budgets help an individual, department,  and organization achieve planned  objectives.• Budgets also help to ...
WHY BUDGET?
THE DISADVANTAGES• Budgets increase paperwork and consume time,  especially in the early hours.• Budgets are slow to work,...
THE DISADVANTAGES• Budgets require standardization, which can lead  to inflexibility.• Budgets can meet with resistance fr...
Managing BudgetsChapter One
Managing BudgetsThree key stages of budgeting to  improve the quality of your budgets:• preparing• writing• monitoring
UNDERSTANDING BUDGETING• Budgeting is the process of preparing,  gathering, and monitoring financial  budgets.• It is a ke...
WHAT IS A BUDGET?• A budget is a plan for future activities.• It can be expressed in a number of ways, but  usually it des...
DEFINING A BUDGET• A budget is a statement of monetary plans.• that is prepared in advance of a coming  period, usually on...
DEFINING A BUDGET• Include only planned revenues and expenditures  (the profit-and-loss account).• which show the income t...
DEFINING A BUDGET• Budget should also include a plans for  assets and liabilities (budgeted balance  sheet).• And the esti...
Managing BudgetsFirst: WRITING A BUDGETSecond: MONITORING A BUDGET
Managing BudgetsFirst: WRITING A BUDGET• GATHERING INFORMATION• ANTICIPATING REVENUES• ESTIMATING EXPENDITURE• UNDERSTANDI...
Managing BudgetsFirst: WRITING A BUDGET• UNDERSTANDING CAPITAL BUDGETS• PRODUCING CASH BUDGETS• CONSOLIDATING BUDGETS• FIN...
Managing BudgetsSecond: MONITORING A BUDGET• ANALYZING DISCREPANCIES• MONITORING VARIANCES• ANALYZING BUDGET ERRORS• INVES...
Managing BudgetsSecond: MONITORING A BUDGET• MAKING ADJUSTMENTS• RECOGNIZING BEHAVIORAL PROBLEMS• BUILDING ON BUDGETING• A...
WRITING A BUDGET First Step
WRITING A BUDGETTo write a budget you must: gather information.estimate figures for income and expenditure.and bring ev...
GATHERINGINFORMATION• By gathering information on all the  possible internal and external  influences on your budget.• Be ...
GATHERINGINFORMATION• External influences can have a  greater effect on the success of a  business than internal influence...
GATHERINGINFORMATION• Take time to understand what is  happening and what is about to  happen around you.
Type Of Risks  what is the obstacles not only effect the business negatively (income) but  also to Maximize income .    In...
Political Risk :
Political Risk :• The probability of loss from actions of  governments.• Political system in the country .• Changes in pub...
Exchange Rate Risk : Is the risk that a foreign currency transaction will be  negatively exposed in exchange rates. For ...
Interest Rate Risk : Is the risk of fluctuations in the value of assets due to changes  in interest rates. Greater the l...
Credit Risk : Ex. When you can collect the loans after 3 years so the purchasing power will decrease. Type of credit ris...
Market Risk : Changes in prices will result from changes that effect all firms. The Competition is the risk but not the ...
Regulations Risk : Such as the central bank regulation for the local banks to increase their    capitals for a higher lim...
Management Risk : Inefficient management. mismanagement. Ethical risks.Technological Risk : Old machines or systems fo...
Natural Risk :   Earth quick.   Volcano.   Flood.   Fires.   Accident   Disease.
Environmental Risk : Pollution.Natural of the Business Risk : Place of the building, (position far from the harbor or ai...
Portfolio Risk : Is the risk remaining after allowing for risk reducing effects of combining securities    into a portfol...
According to the source of risks    A) National Risk : Inside the co. Firm risk. ( any risk inside the firm). Market ris...
According to the standard of controllability                         riskA) Controllable Risk : You can minimize it but c...
2nd   Anticipating Revenues                 Managing Budget
Anticipating Revenues• Most budgets are driven by the overall  level of sales.• so to produce an accurate budget you  must...
Anticipating Revenues• ASSESSING REVENUE TYPES• ESTIMATING REVENUE AMOUNTS• PROJECTING REVENUE TIMING
Anticipating Revenues
ESTIMATING EXPENDITURE       Managing       Budgets
ESTIMATING EXPENDITURE• Actual expenditure is usually greater than  that budgeted for.• Organizations are often surprised ...
ESTIMATING EXPENDITURE• To ensure an accurate expenditure  forecast, focus on the types, amounts, and  timing of expenditu...
ESTIMATING EXPENDITURE(costs driven by particular   products & services)   • To ensure an accurate expenditure      foreca...
ESTIMATING EXPENDITURE• ESTIMATING THE AMOUNT OF  EXPENDITURE• Ask every relevant department• about quantities needed, pri...
ESTIMATING EXPENDITURE• ESTIMATING THE AMOUNT OF  EXPENDITURE
ESTIMATING EXPENDITURE• PROJECTING EXPENDITURE TIMING• Timing of expenditure is crucial to producing  an accurate cash flo...
ESTIMATING EXPENDITURE• PROJECTING EXPENDITURE TIMING• It is important to coordinate with the  purchasing department.• sin...
UNDERSTANDING COSTS
UNDERSTANDING COSTS• It is important to fully understand  costs.• so you can produce accurate  budget.• And provides a bet...
UNDERSTANDING COSTSView costs from two perspectives:• fixed or variable,• and direct or indirect.
UNDERSTANDING COSTS
PRODUCING THE FIGURES
PRODUCING THE FIGURES
PRODUCING THE FIGURESCHALLENGING MONETARY AMOUNTS• You should check and double-check your figures  carefully.• When the bu...
PRODUCING THE FIGURES
CONSOLIDATING BUDGETS
CONSOLIDATING BUDGETS• Submit your budget to the budgeting  committee to prepared the master  budget.• When budgets consol...
CONSOLIDATING BUDGETS
NEGOTIATING BUDGETS• Budget meetings requires an  understanding of the agendas of each  member of the budget committee.• u...
FINISHING THE BUDGET• Once the budget committee has agreed on  the master budget.• All departmental and subsidiary budgets...
FINISHING THE BUDGET• The Master Budget will contains: Profit-and-loss accounts Balance sheets. Cash flow statements.
FINISHING THE BUDGET• These documents used to plan and control  activities for the following year.• Your budget will remai...
Second: MONITORING A BUDGET Managing Budgets
MONITORING A BUDGET• ANALYZING DISCREPANCIES• MONITORING VARIANCES• ANALYZING BUDGET ERRORS• INVESTIGATING UNEXPECTED VARI...
MONITORING A BUDGET• MAKING ADJUSTMENTS• RECOGNIZING BEHAVIORAL PROBLEMS• BUILDING ON BUDGETING• ASSESSING YOUR SKILLS
MONITORING A BUDGETOnce you have written the budget: Revenues must be achieved. Expenditure must not be exceeded.• You s...
MONITORING A BUDGETANALYZING DISCREPANCIES• There will always be discrepancies between  your budget and actual performance...
MONITORING A BUDGETANALYZING DISCREPANCIES• Understand why there are discrepancies.• No matter how small discrepancies.• U...
MONITORING A BUDGETANALYZING DISCREPANCIESBy assessing why discrepancies occurred You will be able to ensure that: The ch...
MONITORING A BUDGETMONITORING VARIANCESBy assessing why discrepancies occurred You will be able to ensure that: The chanc...
MONITORING A BUDGETANALYZING BUDGET ERRORS• Budget errors occur as a result of poor  preparation of the original budget.• ...
MONITORING A BUDGETANALYZING BUDGET ERRORSCHECKING OFF SALES REVENUE• Use a checklist to help investigate the source  of e...
MONITORING A BUDGETINVESTIGATING UNEXPECTED VARIANCES• There are often cases where a variance could  not possibly have bee...
MONITORING A BUDGETINVESTIGATING UNEXPECTED VARIANCES• There are often cases where a variance could  not possibly have bee...
MONITORING A BUDGETMAKING ADJUSTMENTS• The process of comparing actual figures with  budget is a continuous one.• You shou...
MONITORING A BUDGETRECOGNIZING BEHAVIORAL PROBLEMS• Manage not only financial interactions but also  the staff in your dep...
MONITORING A BUDGETBUILDING ON BUDGETING• After your budget has been set and  monitored, you should look back over your  b...
Thank YouIyad S. Attari 2009
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
Part 1 essenial budgeting
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The managers most likely to succeed in today’s business environment, are those who understand how to use budgets as business tools, for departmental and personal success.

Managing Budgets is an informative and practical guide to the essential skills needed.

produce accurate and useful budgets.

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Part 1 essenial budgeting

  1. 1. Essential Of Budgeting Iyad S. Attari
  2. 2. INTRODUCTIONEssential Of Budgeting
  3. 3. INTRODUCTION• The managers most likely to succeed in today’s business environment, are those who understand how to use budgets as business tools, for departmental and personal success.
  4. 4. INTRODUCTION• Managing Budgets is an informative and practical guide to the essential skills needed.• produce accurate and useful budgets.
  5. 5. BUDGETING IN BUSINESS
  6. 6. BUDGETING IN BUSINESS• Using budgets is vital for the planning and control of a business.• Budgets help co-ordinate actions of different managers and departments to achieving results.
  7. 7. BUDGETING IN BUSINESS• Budgets also give authority for departmental managers to sustain expenditure by their department.• And provide targets for earning revenue.
  8. 8. BUDGETING IN BUSINESS• Budgets are a way for an organization to generate information.• It can measure actual performance.
  9. 9. WHY BUDGET?• Budgets help an individual, department, and organization achieve planned objectives.• Budgets also help to show the financial responsibilities of the organization Stakeholders.
  10. 10. WHY BUDGET?
  11. 11. THE DISADVANTAGES• Budgets increase paperwork and consume time, especially in the early hours.• Budgets are slow to work, since the benefits will not be seen until the next year.
  12. 12. THE DISADVANTAGES• Budgets require standardization, which can lead to inflexibility.• Budgets can meet with resistance from managers unwilling to hold new procedures.
  13. 13. Managing BudgetsChapter One
  14. 14. Managing BudgetsThree key stages of budgeting to improve the quality of your budgets:• preparing• writing• monitoring
  15. 15. UNDERSTANDING BUDGETING• Budgeting is the process of preparing, gathering, and monitoring financial budgets.• It is a key management tool for planning and controlling a department within an organization.
  16. 16. WHAT IS A BUDGET?• A budget is a plan for future activities.• It can be expressed in a number of ways, but usually it describes all of a business in financial terms.• It is the scale by which a organization’s performance is measured.
  17. 17. DEFINING A BUDGET• A budget is a statement of monetary plans.• that is prepared in advance of a coming period, usually one year.
  18. 18. DEFINING A BUDGET• Include only planned revenues and expenditures (the profit-and-loss account).• which show the income that each part of anorganization is expected to generate and the total cost that it is authorized to incur.
  19. 19. DEFINING A BUDGET• Budget should also include a plans for assets and liabilities (budgeted balance sheet).• And the estimates for cash receipts and payments (budgeted cash flow).
  20. 20. Managing BudgetsFirst: WRITING A BUDGETSecond: MONITORING A BUDGET
  21. 21. Managing BudgetsFirst: WRITING A BUDGET• GATHERING INFORMATION• ANTICIPATING REVENUES• ESTIMATING EXPENDITURE• UNDERSTANDING COSTS• PRODUCING THE FIGURES
  22. 22. Managing BudgetsFirst: WRITING A BUDGET• UNDERSTANDING CAPITAL BUDGETS• PRODUCING CASH BUDGETS• CONSOLIDATING BUDGETS• FINALIZING A BUDGET
  23. 23. Managing BudgetsSecond: MONITORING A BUDGET• ANALYZING DISCREPANCIES• MONITORING VARIANCES• ANALYZING BUDGET ERRORS• INVESTIGATING UNEXPECTED VARIANCES
  24. 24. Managing BudgetsSecond: MONITORING A BUDGET• MAKING ADJUSTMENTS• RECOGNIZING BEHAVIORAL PROBLEMS• BUILDING ON BUDGETING• ASSESSING YOUR SKILLS
  25. 25. WRITING A BUDGET First Step
  26. 26. WRITING A BUDGETTo write a budget you must: gather information.estimate figures for income and expenditure.and bring everything together in one agreed overall document.
  27. 27. GATHERINGINFORMATION• By gathering information on all the possible internal and external influences on your budget.• Be able to determine what can and what cannot be achieved.• And what limiting factors might constrain your organization’s activities.
  28. 28. GATHERINGINFORMATION• External influences can have a greater effect on the success of a business than internal influences.• So pay them close attention.• Do not ignore the internal influences.
  29. 29. GATHERINGINFORMATION• Take time to understand what is happening and what is about to happen around you.
  30. 30. Type Of Risks what is the obstacles not only effect the business negatively (income) but also to Maximize income . Inflation Risk : Inflation has an advantage for producers but disadvantages for consumer. To measure the inflation= The Average of all goods and services. ( The important prices and non important prices taking together . So the simple average not considered to measure inflation and replaced by the Weighted Average . Weighted Average (price level) = (p1 * w1) + (p2 * w2)+…………(pn * wn) = Points. The relationship between inflation and unemployment . ( is negative , when the inflation increase the employers or producers use more employees to collect more revenues from the increase prices because it become worth it . ( Fillips theory ).
  31. 31. Political Risk :
  32. 32. Political Risk :• The probability of loss from actions of governments.• Political system in the country .• Changes in public opinion ,government policy , tax laws, regulations on exportations, foreign influence, & War.
  33. 33. Exchange Rate Risk : Is the risk that a foreign currency transaction will be negatively exposed in exchange rates. For example the Jordanian currency drop in year 1989 against the us dollar. Foreign currency risk : Hard currencies ( US Dollar, Euro , Pound , Yen ) Other currencies called the Soft currencies. What effect the currency price : a) GNP b) Inflation c) The increase in the interest rate on the currency effect to increase the demand on it .
  34. 34. Interest Rate Risk : Is the risk of fluctuations in the value of assets due to changes in interest rates. Greater the longer the maturity of the asset.• The value of bonds decline when the interest rates increase .• If interest rate Decline lower return will be available for reinvestment of interest & principal payments received .Default risk: Is the risk that the borrower will be unable to repay debt. The higher the default risk the higher the rate of return required by the investor .
  35. 35. Credit Risk : Ex. When you can collect the loans after 3 years so the purchasing power will decrease. Type of credit risk :( Default risk , interest rate changes ). Credit Policy : Credit period. ( 2/10 , net 30 ) Discounts given for early payments. ( 2/10 , net 30 ) Credit Standards. ( financial strength can accept credit customers, but this cause bad debts). Collection Policy. ( speed up collections but it might also anger customers).
  36. 36. Market Risk : Changes in prices will result from changes that effect all firms. The Competition is the risk but not the monopoly . Prices correlated to some degree with broad swing in the economy caused by recession , inflation high interest rates ,etc. Called unsystematic risk or no diversifiable risk. Business Risk : Is the fluctuations in earnings before interest & tax ( Operating income) when the firm it used no debt. Depends on factors such as: 1) Demand Variables. 2) Sales Price Variables. 3) Input Price Variables. 4) Amount Of Operating Leverage.
  37. 37. Regulations Risk : Such as the central bank regulation for the local banks to increase their capitals for a higher limits . The solution here is to increase the capital or merge with other banks .Finance Risk : The possibility that an asset cannot be sold on short notice for its market value . Which is the risk to the shareholders from the use of financial leverage. Called the liquidity risk for the short term period but when it became a chronic or long term we call it Bankruptcy. From business failure , stock market, interest rates, etc.Employee Risk : Strikes. Labor unions. Unskilled labor. Ethical risk .
  38. 38. Management Risk : Inefficient management. mismanagement. Ethical risks.Technological Risk : Old machines or systems for production and services. From advances in technology technical failure etc.
  39. 39. Natural Risk : Earth quick. Volcano. Flood. Fires. Accident Disease.
  40. 40. Environmental Risk : Pollution.Natural of the Business Risk : Place of the building, (position far from the harbor or airport ). Operational ( to distribution to supplies & operations, loss of access to essential assets , failures in distribution).
  41. 41. Portfolio Risk : Is the risk remaining after allowing for risk reducing effects of combining securities into a portfolio . Portfolio risk is attributable to the poor balance of risks within the portfolio. There is a limitation for the no. of securities in the portfolio. 120 Diversification by using portfolio 100 80 1 Risk 60 40 4 20 0 1 2 3 4 5 6 Size of portfolio
  42. 42. According to the source of risks A) National Risk : Inside the co. Firm risk. ( any risk inside the firm). Market risk. ( Competition from other co. from the same country ). Inflation risk. ( and the local industry for the same industry ). B) International Risk : Outside the co. Firm risk. ( in the international markets). Market risk. ( Competition from other co. from the other country ). Economy Inflation risk. ( International relations between 2Market such co. as Mercedes international effect Mercedes in Jordan strongly ). firm
  43. 43. According to the standard of controllability riskA) Controllable Risk : You can minimize it but can not delete it. Called  Firm risk  Systematic risk  Avoidable risk. Diversifiable risk.B) uncontrollable Risk : The risk that you can not minimize it . Called  Market risk  Economy risk  Unsystematic risk Non-Diversifiable risk.
  44. 44. 2nd Anticipating Revenues Managing Budget
  45. 45. Anticipating Revenues• Most budgets are driven by the overall level of sales.• so to produce an accurate budget you must correctly estimate the type, amount, and timing of revenues.• Focus on the sources of income, to be expected volume and price, and the timing of receipts.
  46. 46. Anticipating Revenues• ASSESSING REVENUE TYPES• ESTIMATING REVENUE AMOUNTS• PROJECTING REVENUE TIMING
  47. 47. Anticipating Revenues
  48. 48. ESTIMATING EXPENDITURE Managing Budgets
  49. 49. ESTIMATING EXPENDITURE• Actual expenditure is usually greater than that budgeted for.• Organizations are often surprised by this, even though it happens every year.
  50. 50. ESTIMATING EXPENDITURE• To ensure an accurate expenditure forecast, focus on the types, amounts, and timing of expenditure.
  51. 51. ESTIMATING EXPENDITURE(costs driven by particular products & services) • To ensure an accurate expenditure forecast, focus on the types, amounts, and timing of expenditure.(shared costs incurred for the whole organization) • (costsstarting or by particular products and (incurred when driven services) growing a new operation)
  52. 52. ESTIMATING EXPENDITURE• ESTIMATING THE AMOUNT OF EXPENDITURE• Ask every relevant department• about quantities needed, prices, and total amounts for all the different possible costs.
  53. 53. ESTIMATING EXPENDITURE• ESTIMATING THE AMOUNT OF EXPENDITURE
  54. 54. ESTIMATING EXPENDITURE• PROJECTING EXPENDITURE TIMING• Timing of expenditure is crucial to producing an accurate cash flow forecast.• Especially the timing of the largest expenditure.
  55. 55. ESTIMATING EXPENDITURE• PROJECTING EXPENDITURE TIMING• It is important to coordinate with the purchasing department.• since they might have recently negotiated some expenditure timings
  56. 56. UNDERSTANDING COSTS
  57. 57. UNDERSTANDING COSTS• It is important to fully understand costs.• so you can produce accurate budget.• And provides a better basis for analysis and decisions.
  58. 58. UNDERSTANDING COSTSView costs from two perspectives:• fixed or variable,• and direct or indirect.
  59. 59. UNDERSTANDING COSTS
  60. 60. PRODUCING THE FIGURES
  61. 61. PRODUCING THE FIGURES
  62. 62. PRODUCING THE FIGURESCHALLENGING MONETARY AMOUNTS• You should check and double-check your figures carefully.• When the budget committee examines your budgeting you must be confident that you have accurate figures.
  63. 63. PRODUCING THE FIGURES
  64. 64. CONSOLIDATING BUDGETS
  65. 65. CONSOLIDATING BUDGETS• Submit your budget to the budgeting committee to prepared the master budget.• When budgets consolidated, you may have to modify your budget.
  66. 66. CONSOLIDATING BUDGETS
  67. 67. NEGOTIATING BUDGETS• Budget meetings requires an understanding of the agendas of each member of the budget committee.• understanding why they are there, and what they are trying to achieve.
  68. 68. FINISHING THE BUDGET• Once the budget committee has agreed on the master budget.• All departmental and subsidiary budgets will have been consolidated.
  69. 69. FINISHING THE BUDGET• The Master Budget will contains: Profit-and-loss accounts Balance sheets. Cash flow statements.
  70. 70. FINISHING THE BUDGET• These documents used to plan and control activities for the following year.• Your budget will remain the centerpiece of control in your department.
  71. 71. Second: MONITORING A BUDGET Managing Budgets
  72. 72. MONITORING A BUDGET• ANALYZING DISCREPANCIES• MONITORING VARIANCES• ANALYZING BUDGET ERRORS• INVESTIGATING UNEXPECTED VARIANCES
  73. 73. MONITORING A BUDGET• MAKING ADJUSTMENTS• RECOGNIZING BEHAVIORAL PROBLEMS• BUILDING ON BUDGETING• ASSESSING YOUR SKILLS
  74. 74. MONITORING A BUDGETOnce you have written the budget: Revenues must be achieved. Expenditure must not be exceeded.• You should constantly review your budget and adjust as necessary.
  75. 75. MONITORING A BUDGETANALYZING DISCREPANCIES• There will always be discrepancies between your budget and actual performance results.• Understand and analyze all discrepancies.
  76. 76. MONITORING A BUDGETANALYZING DISCREPANCIES• Understand why there are discrepancies.• No matter how small discrepancies.• Understand and analyze all discrepancies.
  77. 77. MONITORING A BUDGETANALYZING DISCREPANCIESBy assessing why discrepancies occurred You will be able to ensure that: The chances are reduced And the future discrepancies are more efficiently expected.
  78. 78. MONITORING A BUDGETMONITORING VARIANCESBy assessing why discrepancies occurred You will be able to ensure that: The chances are reduced And the future discrepancies are more efficiently expected.
  79. 79. MONITORING A BUDGETANALYZING BUDGET ERRORS• Budget errors occur as a result of poor preparation of the original budget.• Sales will be lower than expected.• While costs will be out of control.• It is vital that you understand where you went wrong so that you do not make the same mistakes again.
  80. 80. MONITORING A BUDGETANALYZING BUDGET ERRORSCHECKING OFF SALES REVENUE• Use a checklist to help investigate the source of errors when predicting sales revenues.• It will help to discover possible explanations in a logical and systematic way.
  81. 81. MONITORING A BUDGETINVESTIGATING UNEXPECTED VARIANCES• There are often cases where a variance could not possibly have been predicted or avoided.• There may be something you can do about them and ways that you can learn from their consequences.
  82. 82. MONITORING A BUDGETINVESTIGATING UNEXPECTED VARIANCES• There are often cases where a variance could not possibly have been predicted or avoided.• There may be something you can do about them and ways that you can learn from their consequences. View
  83. 83. MONITORING A BUDGETMAKING ADJUSTMENTS• The process of comparing actual figures with budget is a continuous one.• You should constantly adjust the budget.
  84. 84. MONITORING A BUDGETRECOGNIZING BEHAVIORAL PROBLEMS• Manage not only financial interactions but also the staff in your department.• To success: budget will depend on the co- operation of all those who are involved in all stages of the budget process.
  85. 85. MONITORING A BUDGETBUILDING ON BUDGETING• After your budget has been set and monitored, you should look back over your budgeting activities to learn from your experiences.• You should do this after the first three months of your budget and at regular times later.
  86. 86. Thank YouIyad S. Attari 2009
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