JUST DO QUESTION 8 When you are preparing a budget where could you gather information and data from? How could you estimate parameters for your budget? What are the four stages involved in developing a budget? List and describe the 4 most common budgeting approaches. You have discussed with the human resource manager the new budget. Why is it now important that you incorporate their suggestions and make the modifications to the budget promptly? What types of resources could be allocated in a budget? To ensure effective monitoring and reporting of budgets what do you need to do? What are the key processes to effectively manage approved budgets? 1. 2. 3. 4. 5. 6. 7. 8. Solution SOME KEY PROCESSES ARE- 1)-THE FIRST STEP OF MANAGING STARTS WITH PLANNING.HENCE THERE SHOULD BE A PROPER PLAN FROM BEFORE TO EFFECTIVELY MANAGE BUDGETS.THE PLAN WILL CONTAIN VARIOUS ACTIONS AND STEPS FOR EFFECTIVE MANANGEMENT. 2)-THE REPECTIVE BUDGET VARIANCES SHOULD BE ANALYSED FROM TIME TO TIME IN ORDER TO ENSURE THAT BUDGET MADE ULTIMATELY MEETS THE ORGANISATION OBJECTIVES ON TIME. 3)-THE BUDGET PLANNED OR MADE SHOULD BE REVIEWED AT REGULAR INTERVALS IN ORDER TO ENSURE THAT IT IS MEETING ORGANISATION GOALS AND ANY REQUIRED MODIFICATIONS ARE UPDATED ON TIMELY BASIS SO THAT AN EFFECTIVE MANAGEMENT OF BUDGET REMAINS IN PL.