A budget is a plan for projected income and expenses over a defined period. Budgeting involves formulating budgets, while budgetary control uses budgets to plan and control all aspects of production. Key elements of budgetary control include preparing budgets for each department, conducting ongoing comparisons of actual vs. budgeted performance, and taking corrective actions on variances. Budgets can be classified by time period (long-term vs. short-term), function (sales, production, etc.), or flexibility (fixed vs. flexible). Zero-based budgeting requires justifying all expenses for each new period without relying on previous budgets.
Performance-based budgeting aims to improve the effectiveness and efficiency of public expenditure by linking funding to results. It uses performance information like indicators, evaluations, and program costings to make this link. The impact may be felt through improved prioritization of spending and better service effectiveness or efficiency. Some key aspects include defining measurable objectives and impacts for programs, developing alternatives to achieve objectives, and evaluating programs based on cost-benefit analysis to determine priority for funding. While it promotes efficient resource allocation, limitations include increased paperwork and subjective ranking of programs.
This document provides an overview of budgets and budgetary control. It defines a budget as a quantified financial plan for a defined future period. Budgets have benefits like helping control spending, focus on goals, and organize finances. The key types of budgets discussed include sales, production, costs, materials, purchases, labor, overhead, selling & distribution, administration, capital expenditures, and cash budgets. Budgetary control involves establishing budgets, comparing actuals to budgets, and taking corrective action for variances. The objectives of budgetary control are planning, coordination, communication, motivation, control, and performance evaluation.
Zero Based Budgeting (ZBB) requires justification of all expenses for each new budget period, regardless of past budgets. It involves identifying decision units, developing alternative decision packages for each unit, and ranking packages based on cost-benefit analysis. Key steps include defining minimum and incremental effort levels for activities, and prioritizing funding based on package rankings. ZBB aims to improve efficiency by re-evaluating all expenditures, but requires significant effort. Alternatives like priority budgeting and target-based budgeting are less intensive but still focus on value and priorities over incremental increases.
Zero-based budgeting requires all expenses to be justified for each new period, starting from zero rather than using the previous budget. It differs from traditional budgeting by being decision-oriented and focusing on cost-benefit analysis rather than just monitoring expenditures. The zero-based budgeting process involves setting objectives, identifying operational areas, developing decision packages, performing cost-benefit analyses, selecting packages, and finalizing the budget. It aims to efficiently allocate resources but can be time-consuming and force justification of all expenditure details.
The document discusses budgetary control and flexible budgets. It defines budgetary control as the establishment of budgets relating to executive responsibilities and requirements of policy, with the continuous comparison of actual to budgeted results to ensure objectives are met or require revision. Flexible budgets vary based on activity levels, like preparing budgets for production of 7,000 and 9,000 units based on variable and fixed cost schedules. Budgetary control involves planning, coordination, communication, and control to improve overall efficiency.
Budgetary control involves companies establishing budgets for revenue, expenses, assets and liabilities in advance of an accounting period. Managers prepare functional budgets for their departments, which are then combined into a master budget. Actual performance is continuously compared to budgets to ensure plans are achieved or provide a basis for revision. Budgetary control coordinates activities, provides responsibility accounting, motivates managers, and establishes a system for planning and control through regular budget reviews.
Budget - Meaning, Definition and ObjectivesRajaKrishnan M
A budget is a financial plan for a defined period that estimates future business conditions like sales. It is prepared and approved prior to the period to attain objectives. Budgets define objectives, policies and coordinate activities. They secure proper coordination between departments. Budgeting involves heavy costs so it may not be suitable for small businesses initially due to lack of experience. The main steps in budgetary control are establishing budgets for each organization section, recording actual performance, and continuously comparing actuals to budgets.
A budget is a plan for projected income and expenses over a defined period. Budgeting involves formulating budgets, while budgetary control uses budgets to plan and control all aspects of production. Key elements of budgetary control include preparing budgets for each department, conducting ongoing comparisons of actual vs. budgeted performance, and taking corrective actions on variances. Budgets can be classified by time period (long-term vs. short-term), function (sales, production, etc.), or flexibility (fixed vs. flexible). Zero-based budgeting requires justifying all expenses for each new period without relying on previous budgets.
Performance-based budgeting aims to improve the effectiveness and efficiency of public expenditure by linking funding to results. It uses performance information like indicators, evaluations, and program costings to make this link. The impact may be felt through improved prioritization of spending and better service effectiveness or efficiency. Some key aspects include defining measurable objectives and impacts for programs, developing alternatives to achieve objectives, and evaluating programs based on cost-benefit analysis to determine priority for funding. While it promotes efficient resource allocation, limitations include increased paperwork and subjective ranking of programs.
This document provides an overview of budgets and budgetary control. It defines a budget as a quantified financial plan for a defined future period. Budgets have benefits like helping control spending, focus on goals, and organize finances. The key types of budgets discussed include sales, production, costs, materials, purchases, labor, overhead, selling & distribution, administration, capital expenditures, and cash budgets. Budgetary control involves establishing budgets, comparing actuals to budgets, and taking corrective action for variances. The objectives of budgetary control are planning, coordination, communication, motivation, control, and performance evaluation.
Zero Based Budgeting (ZBB) requires justification of all expenses for each new budget period, regardless of past budgets. It involves identifying decision units, developing alternative decision packages for each unit, and ranking packages based on cost-benefit analysis. Key steps include defining minimum and incremental effort levels for activities, and prioritizing funding based on package rankings. ZBB aims to improve efficiency by re-evaluating all expenditures, but requires significant effort. Alternatives like priority budgeting and target-based budgeting are less intensive but still focus on value and priorities over incremental increases.
Zero-based budgeting requires all expenses to be justified for each new period, starting from zero rather than using the previous budget. It differs from traditional budgeting by being decision-oriented and focusing on cost-benefit analysis rather than just monitoring expenditures. The zero-based budgeting process involves setting objectives, identifying operational areas, developing decision packages, performing cost-benefit analyses, selecting packages, and finalizing the budget. It aims to efficiently allocate resources but can be time-consuming and force justification of all expenditure details.
The document discusses budgetary control and flexible budgets. It defines budgetary control as the establishment of budgets relating to executive responsibilities and requirements of policy, with the continuous comparison of actual to budgeted results to ensure objectives are met or require revision. Flexible budgets vary based on activity levels, like preparing budgets for production of 7,000 and 9,000 units based on variable and fixed cost schedules. Budgetary control involves planning, coordination, communication, and control to improve overall efficiency.
Budgetary control involves companies establishing budgets for revenue, expenses, assets and liabilities in advance of an accounting period. Managers prepare functional budgets for their departments, which are then combined into a master budget. Actual performance is continuously compared to budgets to ensure plans are achieved or provide a basis for revision. Budgetary control coordinates activities, provides responsibility accounting, motivates managers, and establishes a system for planning and control through regular budget reviews.
Budget - Meaning, Definition and ObjectivesRajaKrishnan M
A budget is a financial plan for a defined period that estimates future business conditions like sales. It is prepared and approved prior to the period to attain objectives. Budgets define objectives, policies and coordinate activities. They secure proper coordination between departments. Budgeting involves heavy costs so it may not be suitable for small businesses initially due to lack of experience. The main steps in budgetary control are establishing budgets for each organization section, recording actual performance, and continuously comparing actuals to budgets.
This document discusses budgeting in healthcare. It defines key terms like budget and budgeting. It explains the need for budgets in healthcare to communicate plans, monitor operations, reduce wastage, and assess manager performance. Different types of budgets are described based on time, function, and flexibility. Techniques like incremental, zero-based, performance, and planning-programming-budgeting systems are outlined. The challenges of budgeting in healthcare like intangible outcomes and increasing costs are also noted.
The document provides information about a master budget, including:
- A master budget aggregates all lower-level budgets from a company's functional areas and includes budgeted financial statements, cash forecasts, and financing plans. It typically covers an entire fiscal year.
- Key components of a master budget include sales budgets, production budgets, expense budgets, overhead and production cost budgets, and budgeted financial statements.
- Management uses the master budget to plan and direct all aspects of a company's future operations, including sales, production, expenses, investments, and financing. It is the central planning tool that guides a company's strategic goals and resource allocation.
Public finance deals with government revenue sources like taxes and expenditures on areas like infrastructure, education, and health. It aims to stabilize the economy, promote growth, and provide essential public goods. Government budgets classify spending into areas and sources of revenue like taxes. A budget deficit occurs when spending exceeds taxes, while a surplus exists when taxes are higher than spending. Deficit financing allows governments to fund spending by borrowing or money creation, but too much can crowd out private investment and cause inflation. Fiscal policy uses taxes and spending to influence employment, growth, and prices.
The document discusses budgets and budgetary control. It defines a budget as a written plan of action prepared in advance based on objectives to be attained, expressed in monetary and/or physical units. Budgets are prepared for the implementation of management policy and may provide sales targets or production targets. Budgets are used as a means of control by comparing actual results to the budget and taking corrective action for deviations. Budgetary control refers to using budgets to control a firm's activities.
Presentation on Budget, budgeting and budgetary control..
Contents-
1) Budgeting [characteristics]
2) Budgetary control
3) Difference in budget, budgeting, budgetary control
4) Essentials in budgetary control
5) Requisites for budgetary control system
6) Merits & limitations
7) Zero-based budgeting
8) Difference in Traditional & Zero based budgeting.
This document provides an overview of budgeting and the budgeting process. It defines key terms like budgets, the master budget, and different types of budgets such as operational budgets, the cash budget, and capital budgets. It explains the purposes of budgeting like planning, allocating resources, and evaluating performance. The document also describes how to develop specific budgets such as the sales budget, production budget, materials budget, and cash budget. It provides examples of how to calculate figures for these various budgets.
This document discusses four key finance decisions that businesses must make: funds required decision, financing decision, investment decision, and dividend decision. It provides details on each decision. The funds required decision involves estimating short-term and long-term capital needs. The financing decision is about acquiring funds and considers factors like cost, risk, and control. The investment decision relates to allocating funds raised and investing in assets. The dividend decision is about distributing profits to shareholders versus retaining earnings. Multiple factors influence each of these important financial decisions companies must undertake.
This document provides an overview of budgets and budgeting. It defines a budget as a financial plan for a defined period, often one year, that estimates revenues, expenses, assets, liabilities and cash flows. It then discusses the importance of budgeting and different ways to classify budgets, such as by time period, function, flexibility, and business activity. Specific budgets discussed include the master budget, cash budget, sales budget, purchases budget, materials budget, and flexible budget.
Zero base budgeting is a managerial tool developed by Jimmy Carter in 1962 that begins the budgeting process from scratch each year without relying on previous year's budget. It focuses on evaluating the costs and benefits of individual programs, prioritizing activities, and allocating resources to activities based on their importance to organizational goals. The process involves listing objectives, deciding the scope, prioritizing activities, conducting cost-benefit analyses of decision packages, and selecting and approving the final budget. Zero base budgeting aims to optimize resource utilization and justify all expenditures, but it can be difficult and time-consuming to implement.
The document discusses various concepts related to planning including:
1. Planning involves establishing goals and determining a course of action to achieve those goals through decision making.
2. There are different types of plans like strategic, tactical, and operational plans developed at the corporate, business, and functional levels.
3. Effective planning is goal-oriented, flexible, comprehensive, and economical. Barriers to planning include external factors and resistance to change.
Financial planning involves determining the capital required for a business and deciding how to obtain those funds. It aims to ensure adequate funding, minimize costs, match costs and risks, provide flexibility, and optimize capital use. Key factors that influence financial planning include the nature of the industry, the enterprise's goodwill, future plans, available funding sources, general economic conditions, and government policies. The steps in financial planning are establishing objectives, formulating financial policies and procedures, providing flexibility. Limitations include difficulties in forecasting, adapting to changes, coordination, and adapting to economic/policy changes. Benefits include better promotion, direction, capital conservation, liquidity, expansion, and unit coordination.
Here are a few options to consider in responding to top management's request for budget figures:
1. Provide preliminary budget figures with the caveat that more analysis is needed. Explain any key assumptions made and areas that require further review. Offer to follow up once the budgeting process is more complete.
2. Request an extension to thoroughly develop the budget figures. Explain that rushing the process could compromise quality and accuracy. Provide a revised timeline for delivery of the budget.
3. Share the current status of the budgeting process and any preliminary figures available, but emphasize that the numbers are still being refined. Reiterate your commitment to delivering a comprehensive, well-supported budget on time.
The best approach depends on
Zero-based budgeting requires justifying all expenses for a new period based on actual needs rather than using previous budgets. It aims to optimize costs and value by requiring managers to justify expenses. The process involves identifying tasks, finding solutions, evaluating alternatives, setting priorities, and ensuring income minus expenses equals zero each month. While it increases accuracy and efficiency, it also requires significant time and resources. An example shows a company identifying internal manufacturing as more cost-effective than an outside supplier.
Zero base budgeting (ZBB) is an alternative budgeting method where all activities and expenses are reevaluated each year, starting from a "zero base". The document provides an introduction to ZBB, including its history, definition, purpose, application process involving decision packages, main features, advantages like more effective resource allocation, and disadvantages like increased paperwork.
A budget is a financial plan for future costs and revenues over a specific period of time. Budgets have several purposes, including comparing planned costs to actual costs, controlling costs, planning production levels, and comparing performance over time. Operating budgets include sales, production, materials usage, and materials purchase budgets. Principal budgets include cash, master, and flexible budgets. A cash budget forecasts receipts and payments on a weekly or monthly basis. A master budget combines all subsidiary budgets into a projected income statement and balance sheet. A flexible budget allows comparisons of actual performance to the budget by adjusting for different activity levels and separating fixed and variable costs.
Zero-based budgeting is a method of budgeting where all expenses must be justified for each new period, starting from zero. It identifies the most efficient use of resources to achieve objectives. The marketing department budget for Company XYZ would be determined through zero-based budgeting by justifying each person and expense rather than simply increasing last year's budget. This approach identified that a construction equipment company could make certain parts in-house more cheaply than outsourcing, saving costs over traditional budgeting.
This was a class assignment for Economics course handled by Prof. P.C.Thomas sir of T.K.M Institute of Management
"To err is human. Please forgive if i have made any mistakes."
The document discusses GAAP (Generally Accepted Accounting Principles). [1] GAAP are the common set of accounting standards, procedures and rules that govern financial accounting practices. [2] They provide guidelines for proper revenue recognition, balance sheet classifications, and share measurements to provide a fair representation of a company's financial status. [3] GAAP principles are divided into accounting concepts like the money measurement concept and dual aspect concept, and accounting conventions like full disclosure and materiality.
The document discusses different budgeting methods:
1) Incremental budgeting vs zero-based budgeting, with incremental being simpler but less innovative, while zero-based requires justifying all costs but is complex.
2) Top-down budgeting sets constraints from high levels but risks inaccuracies, while bottom-up involves staff but risks exaggeration.
3) A mixed approach using elements of different methods can balance involvement with oversight. Zero-based budgeting may work for selective areas to drive efficiency.
Increasing the Value of the Budgeting ProcessBlackbaud
This document summarizes presentations from Jenny Chiu of the YMCA of Los Angeles and Kate Melvin of Indiana University Foundation about improving their budgeting processes. Jenny Chiu discussed how the YMCA standardized their budget methodology across branches using driver-based templates in a new system. Kate Melvin discussed how Indiana University Foundation updated their budgeting technology and changed their budget approach to involve managers more in the process. Both organizations aimed to make their budgeting more efficient, transparent, and strategic through collaboration and new tools.
This document discusses budgeting in healthcare. It defines key terms like budget and budgeting. It explains the need for budgets in healthcare to communicate plans, monitor operations, reduce wastage, and assess manager performance. Different types of budgets are described based on time, function, and flexibility. Techniques like incremental, zero-based, performance, and planning-programming-budgeting systems are outlined. The challenges of budgeting in healthcare like intangible outcomes and increasing costs are also noted.
The document provides information about a master budget, including:
- A master budget aggregates all lower-level budgets from a company's functional areas and includes budgeted financial statements, cash forecasts, and financing plans. It typically covers an entire fiscal year.
- Key components of a master budget include sales budgets, production budgets, expense budgets, overhead and production cost budgets, and budgeted financial statements.
- Management uses the master budget to plan and direct all aspects of a company's future operations, including sales, production, expenses, investments, and financing. It is the central planning tool that guides a company's strategic goals and resource allocation.
Public finance deals with government revenue sources like taxes and expenditures on areas like infrastructure, education, and health. It aims to stabilize the economy, promote growth, and provide essential public goods. Government budgets classify spending into areas and sources of revenue like taxes. A budget deficit occurs when spending exceeds taxes, while a surplus exists when taxes are higher than spending. Deficit financing allows governments to fund spending by borrowing or money creation, but too much can crowd out private investment and cause inflation. Fiscal policy uses taxes and spending to influence employment, growth, and prices.
The document discusses budgets and budgetary control. It defines a budget as a written plan of action prepared in advance based on objectives to be attained, expressed in monetary and/or physical units. Budgets are prepared for the implementation of management policy and may provide sales targets or production targets. Budgets are used as a means of control by comparing actual results to the budget and taking corrective action for deviations. Budgetary control refers to using budgets to control a firm's activities.
Presentation on Budget, budgeting and budgetary control..
Contents-
1) Budgeting [characteristics]
2) Budgetary control
3) Difference in budget, budgeting, budgetary control
4) Essentials in budgetary control
5) Requisites for budgetary control system
6) Merits & limitations
7) Zero-based budgeting
8) Difference in Traditional & Zero based budgeting.
This document provides an overview of budgeting and the budgeting process. It defines key terms like budgets, the master budget, and different types of budgets such as operational budgets, the cash budget, and capital budgets. It explains the purposes of budgeting like planning, allocating resources, and evaluating performance. The document also describes how to develop specific budgets such as the sales budget, production budget, materials budget, and cash budget. It provides examples of how to calculate figures for these various budgets.
This document discusses four key finance decisions that businesses must make: funds required decision, financing decision, investment decision, and dividend decision. It provides details on each decision. The funds required decision involves estimating short-term and long-term capital needs. The financing decision is about acquiring funds and considers factors like cost, risk, and control. The investment decision relates to allocating funds raised and investing in assets. The dividend decision is about distributing profits to shareholders versus retaining earnings. Multiple factors influence each of these important financial decisions companies must undertake.
This document provides an overview of budgets and budgeting. It defines a budget as a financial plan for a defined period, often one year, that estimates revenues, expenses, assets, liabilities and cash flows. It then discusses the importance of budgeting and different ways to classify budgets, such as by time period, function, flexibility, and business activity. Specific budgets discussed include the master budget, cash budget, sales budget, purchases budget, materials budget, and flexible budget.
Zero base budgeting is a managerial tool developed by Jimmy Carter in 1962 that begins the budgeting process from scratch each year without relying on previous year's budget. It focuses on evaluating the costs and benefits of individual programs, prioritizing activities, and allocating resources to activities based on their importance to organizational goals. The process involves listing objectives, deciding the scope, prioritizing activities, conducting cost-benefit analyses of decision packages, and selecting and approving the final budget. Zero base budgeting aims to optimize resource utilization and justify all expenditures, but it can be difficult and time-consuming to implement.
The document discusses various concepts related to planning including:
1. Planning involves establishing goals and determining a course of action to achieve those goals through decision making.
2. There are different types of plans like strategic, tactical, and operational plans developed at the corporate, business, and functional levels.
3. Effective planning is goal-oriented, flexible, comprehensive, and economical. Barriers to planning include external factors and resistance to change.
Financial planning involves determining the capital required for a business and deciding how to obtain those funds. It aims to ensure adequate funding, minimize costs, match costs and risks, provide flexibility, and optimize capital use. Key factors that influence financial planning include the nature of the industry, the enterprise's goodwill, future plans, available funding sources, general economic conditions, and government policies. The steps in financial planning are establishing objectives, formulating financial policies and procedures, providing flexibility. Limitations include difficulties in forecasting, adapting to changes, coordination, and adapting to economic/policy changes. Benefits include better promotion, direction, capital conservation, liquidity, expansion, and unit coordination.
Here are a few options to consider in responding to top management's request for budget figures:
1. Provide preliminary budget figures with the caveat that more analysis is needed. Explain any key assumptions made and areas that require further review. Offer to follow up once the budgeting process is more complete.
2. Request an extension to thoroughly develop the budget figures. Explain that rushing the process could compromise quality and accuracy. Provide a revised timeline for delivery of the budget.
3. Share the current status of the budgeting process and any preliminary figures available, but emphasize that the numbers are still being refined. Reiterate your commitment to delivering a comprehensive, well-supported budget on time.
The best approach depends on
Zero-based budgeting requires justifying all expenses for a new period based on actual needs rather than using previous budgets. It aims to optimize costs and value by requiring managers to justify expenses. The process involves identifying tasks, finding solutions, evaluating alternatives, setting priorities, and ensuring income minus expenses equals zero each month. While it increases accuracy and efficiency, it also requires significant time and resources. An example shows a company identifying internal manufacturing as more cost-effective than an outside supplier.
Zero base budgeting (ZBB) is an alternative budgeting method where all activities and expenses are reevaluated each year, starting from a "zero base". The document provides an introduction to ZBB, including its history, definition, purpose, application process involving decision packages, main features, advantages like more effective resource allocation, and disadvantages like increased paperwork.
A budget is a financial plan for future costs and revenues over a specific period of time. Budgets have several purposes, including comparing planned costs to actual costs, controlling costs, planning production levels, and comparing performance over time. Operating budgets include sales, production, materials usage, and materials purchase budgets. Principal budgets include cash, master, and flexible budgets. A cash budget forecasts receipts and payments on a weekly or monthly basis. A master budget combines all subsidiary budgets into a projected income statement and balance sheet. A flexible budget allows comparisons of actual performance to the budget by adjusting for different activity levels and separating fixed and variable costs.
Zero-based budgeting is a method of budgeting where all expenses must be justified for each new period, starting from zero. It identifies the most efficient use of resources to achieve objectives. The marketing department budget for Company XYZ would be determined through zero-based budgeting by justifying each person and expense rather than simply increasing last year's budget. This approach identified that a construction equipment company could make certain parts in-house more cheaply than outsourcing, saving costs over traditional budgeting.
This was a class assignment for Economics course handled by Prof. P.C.Thomas sir of T.K.M Institute of Management
"To err is human. Please forgive if i have made any mistakes."
The document discusses GAAP (Generally Accepted Accounting Principles). [1] GAAP are the common set of accounting standards, procedures and rules that govern financial accounting practices. [2] They provide guidelines for proper revenue recognition, balance sheet classifications, and share measurements to provide a fair representation of a company's financial status. [3] GAAP principles are divided into accounting concepts like the money measurement concept and dual aspect concept, and accounting conventions like full disclosure and materiality.
The document discusses different budgeting methods:
1) Incremental budgeting vs zero-based budgeting, with incremental being simpler but less innovative, while zero-based requires justifying all costs but is complex.
2) Top-down budgeting sets constraints from high levels but risks inaccuracies, while bottom-up involves staff but risks exaggeration.
3) A mixed approach using elements of different methods can balance involvement with oversight. Zero-based budgeting may work for selective areas to drive efficiency.
Increasing the Value of the Budgeting ProcessBlackbaud
This document summarizes presentations from Jenny Chiu of the YMCA of Los Angeles and Kate Melvin of Indiana University Foundation about improving their budgeting processes. Jenny Chiu discussed how the YMCA standardized their budget methodology across branches using driver-based templates in a new system. Kate Melvin discussed how Indiana University Foundation updated their budgeting technology and changed their budget approach to involve managers more in the process. Both organizations aimed to make their budgeting more efficient, transparent, and strategic through collaboration and new tools.
Resource requirements and cost estimationDave Jarman
The document discusses resource requirements and cost estimation for business startups. It recommends creating a cash flow forecast spreadsheet that estimates future bank balances, receipts, and payments on a monthly basis. Key elements to estimate include people costs like salaries, space rental costs, equipment costs, variable operating costs, annual costs, and sales forecasts which should incorporate probabilities. Creating an accurate cash flow forecast based on clear assumptions is important for management planning and identifying financing needs.
The document discusses new techniques in budgeting, focusing on zero-based budgeting, kaizen budgeting, activity-based budgeting, and web-enabled budgeting. Zero-based budgeting requires managers to justify their entire budgets from scratch each year based on objectives. Kaizen budgeting incorporates continuous cost reductions into budgets. Activity-based budgeting focuses on the costs of activities needed to produce and sell products. Web-enabled budgeting allows for an automated, secure budgeting process across departments.
The lesson plan aims to teach 16 students about polygons and tessellations. It includes identifying regular and irregular polygons, recognizing different types of tessellations including translation, rotation, and reflection, and having students choose a shape to create their own tessellation. The lesson consists of interactive activities using computers and worksheets to classify shapes and identify different tessellations.
This document provides lesson materials on classifying polygons, including:
- Definitions of polygons and their components (sides, vertices, etc.)
- Examples of identifying different types of polygons and whether figures qualify as polygons
- Classifications of polygons based on their number of sides (triangle, quadrilateral, etc.)
- The definition of a regular polygon as one with all congruent sides and angles
- Examples of naming, identifying, and classifying regular and irregular polygons
- Homework and quiz problems for students to practice classifying polygons
Session for State Resource Centres for Women to understand and identify entry points for doing Gender Budgeting in the changed fiscal scenario in India
The document discusses the role and responsibilities of a project manager. It states that a project manager is responsible for implementing and completing projects on time and on budget by selecting team members, ensuring resources and facilities are available, and taking care of routine details. A project manager takes a generalist approach compared to functional managers who are specialists. The document outlines various responsibilities of a project manager to the parent organization, project, and project team members. It also discusses challenges project managers may face like acquiring adequate resources, dealing with obstacles, and communicating effectively.
PPT of budgeting merchandise in retail storeRajesh Roy
Merchandise budgeting is a plan created by retailers to analyze costs and projected sales in order to allocate resources for purchasing inventory. It involves demand forecasting using past sales data and trends to determine how much stock is needed each month to support sales goals. The objectives are to compel planning, communicate plans, coordinate departments, and establish performance controls. Accurate budgeting can positively impact profits, while incorrect forecasts can result in losses if budgets are not met.
This document summarizes a presentation on linking budgets to strategy using balanced scorecards. It discusses how traditional budgeting focuses too much on targets and control rather than continuous learning and improvement. It suggests taking principles from beyond budgeting to make balanced scorecards more aspirational, focus on relative performance, and set rolling targets to continually replan and improve. This enables organizations to be more adaptive, inclusive, and empowered in pursuing their strategies.
This document discusses forecasting techniques used in the retail industry. It outlines the challenges retailers face in forecasting including scale, intermittent demand, and assortment changes. It then describes techniques like large-scale automated forecasting to address these challenges. The document also discusses how forecasting is used for revenue optimization, replenishment, sales forecasting, demand forecasting, and focus forecasting. It provides examples of software used for retail forecasting like SAS Demand Forecasting, Oracle Retail, and SAP. The conclusion emphasizes that forecasts will never be perfect but the goal is accuracy and efficiency.
This document discusses different leadership styles and their application in an educational setting. It describes Kurt Lewin's three main leadership styles: autocratic, where the leader makes all decisions; laissez-faire, where the leader gives complete freedom to followers; and democratic, where decisions are made collectively. It also outlines Bernard Bass' transformational leadership style, which inspires followers, and transactional leadership style, which focuses on rewards and punishments to motivate followers. Educational leaders play an important role in developing teaching and learning through the leadership style they adopt.
The document provides information about polygons and symmetry for a 1st form mathematics lesson. It includes learning outcomes, the lesson plan, content about polygon naming, properties, and determining lines of symmetry. It also includes evaluation questions and vocabulary words to help students learn about polygons and symmetry.
This document provides an overview of Rohit Tuli's upcoming course on project and infrastructure financing. Rohit has 9 years of experience financing large projects in renewable energy, roads, and other industries. The course will cover what project finance is, the parties involved in project finance deals, contractual structures, security structures, issues that can arise, and current trends in the industry. It is aimed at helping participants understand how to structure financing for infrastructure projects and evaluate such investments.
The document provides information on setting up a school monitoring and evaluation system. It discusses key components of the system including major players, roles, types of monitoring, performance measures, the monitoring process, and requirements for an effective system. Specifically, it outlines establishing agreed upon outcomes and standards, designing a system that meets the school's decision-making needs, keeping the system simple, and setting it up quickly. The goal is to effectively track implementation of the school improvement plan and monitor school and student performance over time.
The document discusses various topics related to software project management including:
1. Definitions of projects, jobs, and exploration and how software projects have more characteristics that make them difficult than other types of projects.
2. Typical project phases like initiating, planning, executing, controlling, and closing.
3. Distinguishing between different types of software projects and their approaches.
4. Key activities in project management like planning, organizing, staffing, directing, monitoring, and controlling.
In this chapter, you will learn how to:
✔ Use the Backstage view to open and save Project files.
✔ Work with commands on different tabs of the ribbon interface, the major visual
change introduced in Project 2010.
✔ Use different views to see Project information presented in different ways.
The document discusses four main concerns in managing people in software environments: staff selection, staff development, staff motivation, and staff well-being. It covers approaches to understanding human behavior like positivism and interpretivism. Additionally, it examines theories around motivation and leadership styles that are important to consider when managing teams in software projects.
The document discusses project scheduling and control techniques, specifically critical path method (CPM). It provides an overview of key CPM concepts like critical path, critical activities, forward and backward pass to determine earliest and latest start/finish times. It includes an example of developing an activity on arrow (AOA) network diagram for a sample project and calculating the earliest start/finish times. It also discusses limitations of CPM and provides steps in CPM project planning and an overview of Gantt charts.
Budgeting involves creating financial plans for an organization over a set period of time, usually a year. The budgeting process begins with setting goals and strategies and involves estimating revenues and expenses. Key steps include assessing objectives, programs, costs, and alternatives to determine the most effective fiscal plan. Budgets have advantages like planning, accountability, and performance measurement, but also disadvantages like becoming too rigid or time-consuming.
Budget control and budget making techniques in a hospitalmeghadevgan3
The document discusses various techniques for budget control and budget making. It begins by defining what a budget is and then discusses the differences between budgets, budgeting, and budget control. It outlines the key things a budget needs to do including projecting revenue, determining expenses, and predicting profits. The document then discusses various types of budgets such as time-based budgets, function-based budgets, and flexibility-based budgets. It also outlines the steps in the budgetary process including assessment, development, implementation, and evaluation. Finally, it discusses techniques for budgeting such as conventional budgeting, zero-based budgeting, and performance-based budgeting.
This document is a project report submitted by a student named Ojas Nitin Narsale to the University of Mumbai for an Advanced Cost Accounting and Budgetary Control course. The report discusses various types of budgets including zero-base budgeting, performance-based budgeting, and flexible budgets. It provides definitions and comparisons of different budgeting models and their advantages and disadvantages. The report also discusses key aspects of zero-base budgeting and its use in both the public and private sectors.
This document provides an overview of budgetary planning and control systems. It discusses the objectives of such systems which include ensuring communication, coordination, control and motivating employees. Various budgeting techniques are described such as top-down vs bottom-up budgeting, incremental budgeting, fixed vs flexible budgets, zero-based budgeting and activity-based budgeting. Feedback and feedforward control are also explained.
Budgeting involves preparing quantitative financial statements for a defined period to help achieve objectives. It includes designing, implementing, and overseeing budgets. Budgetary control establishes budgets and compares actual results to budgets to ensure policy objectives are met or provide a basis for revision. Budgeting advantages include aiding internal audits, optimal resource allocation, planning, improved communication, and motivating staff. Problems include perceived pressure and departmental conflicts over resources. The budgeting process specifies objectives, success factors, roles, budget centers, periods, committees, and manuals. A flexible budget recognizes variable costs change with activity levels, allowing accurate performance assessment and recasting to match changed conditions.
The document discusses key concepts related to budgeting and budgetary control. It defines a budget as a financial plan for a defined period that is prepared and approved in advance to achieve objectives. Budgeting is described as the process of designing, implementing, and operating budgets. Budgetary control involves establishing budgets, relating responsibilities to the budgets, and continuously comparing actual performance to budgets. The advantages and limitations of budgets are also summarized.
The Advantages of Budgeting A budget is a document that fo.docxtodd801
The Advantages of Budgeting
A budget is a document that forecasts the financial results and financial position of a business for
one or more future periods. At a minimum, a budget contains an estimated income statement that
describes anticipated financial results. A more complex budget also contains an estimated
balance sheet, which contains the entity’s anticipated assets, liabilities, and equity positions at
various points in time in the future.
A prime use of the budget is to serve as a performance baseline for the measurement of actual
results. Budgets may also be linked to bonus plans in order to direct the activities of various
company employees. A budget may also be used for both tax planning and treasury planning.
Despite these valid uses, there are also a number of problems with budgeting that have given rise
to a movement dedicated to the elimination of budgets.
Budgeting has been with us a long time, and is used by nearly every large company. They would
not do so if there were not some perceived advantages to budgeting. These advantages include:
▪ Planning orientation. The process of creating a budget takes management away from its
short-term, day-to-day management of a business and forces it to think longer-term. This is
the chief goal of budgeting, even if management does not succeed in meeting its goals as
outlined in the budget – at least it is thinking about the company’s competitive and
financial position and how to improve it.
▪ Model scenarios. If a company is faced with a number of possible paths down which it can
travel, you can create a set of budgets, each based on different scenarios, to estimate the
financial results of each strategic direction.
▪ Profitability review. It is easy to lose sight of where a company is making most of its
money, during the scramble of day-to-day management. A properly structured budget
points out which aspects of a business generate cash and which ones use it, which forces
management to consider whether it should drop some parts of the business or expand in
others. However, this advantage only applies to a budget sufficiently detailed to describe
profits at the product, product line, or business unit level.
▪ Assumptions review. The budgeting process forces management to think about why the
company is in business, as well as its key assumptions about its business environment. A
periodic re-evaluation of these issues may result in altered assumptions, which may in turn
alter the way in which management decides to operate the business.
▪ Performance evaluations. Senior management can tie bonuses or other incentives to how
employees perform in comparison to the budget. The accounting department then creates
budget versus actual reports to give employees feedback regarding how they are
progressing toward their goals. This approach is most common with financial goals,
though operational goals (such as reducing the scrap rat.
Here are the key steps to calculate the direct labor budget:
1. Determine the standard direct labor hours required per unit from production standards.
2. Calculate the total standard direct labor hours required for the total units to be produced:
- Total units to be produced x Standard direct labor hours per unit
3. Calculate the total budgeted direct labor cost:
- Total standard direct labor hours x Direct labor rate per hour
So using the information provided:
- Units to be produced: 3,700
- Standard direct labor hours per unit: 3 hours
- Total standard direct labor hours: 3,700 x 3 = 11,100 hours
- Direct labor rate: $7 per hour
- Total
ACTIVITY BASED BUDGETING & BUDGETING CYCLEANMOL GULATI
The budgeting cycle has four main phases: preparation, approval, execution, and evaluation. In the preparation phase, a budget is created by estimating expenses. The approval phase involves getting sign-off on the budget from stakeholders. During the execution phase, the approved budget is implemented by tracking spending. In the evaluation phase, the budget is reviewed and assessed to see if targets were met and inform the next budget cycle. Activity-based budgeting takes a more rigorous approach than traditional budgeting by analyzing the activities that drive costs and allocating resources based on activity levels.
zero based budgeting & kaizen budgetingANMOL GULATI
Zero-based budgeting is a budgeting process where all expenses must be justified for the new period starting from zero rather than using the previous budget as a baseline. It was developed in the 1960s by Jimmy Carter and requires evaluating all budget items and activities from scratch each period to determine what should be funded. While it provides benefits like improving cost-effectiveness and strategic alignment, it is also very time-intensive and complex compared to traditional incremental budgeting.
Budgeting is an operational plan for a definite period, usually a year, expressed in financial terms based on expected income and expenditure. The main purposes of budgeting are to facilitate fiscal planning and decision making, identify controllable and uncontrollable costs, communicate fiscal objectives, allow feedback on budget utilization, help identify problems, and measure financial success against organizational goals. Budgets should be flexible, consider past, present and future factors, and involve managers at different levels. Common types of budgets include operating, capital expenditure, cash, labor, flexible, and strategic planning budgets. Budgets can be classified in different ways such as incremental, open-ended, fixed ceiling, flexible, roll over, performance, program, zero-base
Budgetary control involves establishing budgets for different departments and periods, continuously comparing actual performance to budgets, and taking corrective actions to achieve objectives. It helps coordinate activities, control costs, maximize profits, eliminate waste, and improve efficiency. Budgetary control is an important management tool that involves planning, coordination, and controlling business decisions through the preparation and use of budgets.
Cost & Managerial Accounting Budgeting TechniquesFahad Ali
The document discusses budgets and budgetary control in businesses. It defines budgets as quantitative plans for resource utilization over a specific period, usually a year. Budgets are important tools for financial planning, control, and evaluating performance. There are various types of budgets, including sales, production, materials, labor, overhead, and cash budgets. Budgetary control involves continuous comparison of actual to planned performance and revision of budgets based on changes. An effective budgetary control system requires establishing organizational responsibility, developing budget procedures and manuals, and choosing between fixed and flexible budgets.
This document provides an introduction and overview of budgets and budgetary control. It defines what a budget is, the different types of budgets (capital vs operating budgets), and the objectives and benefits of budgets, such as planning, coordination, motivation, communication, and control. It also defines budgetary control and its key aspects, like establishing budgets for functions/sections, comparing actual to budgeted performance, and taking corrective actions. The document outlines the budgeting process, including organizing the budget team, developing the capital and revenue budgets, approving the budgets, and monitoring performance against the budgets. It discusses some limitations of budgetary control as well.
- Budgeting is a process whereby future income and expenditure are decided in order to streamline the expenditure process. It serves as a monitoring and controlling method in order to manage the finances of a business.
- The basic steps to follow when preparing a budget include: updating budget assumptions, reviewing bottlenecks and available funding, stepping costing points, creating and issuing budget packages, obtaining revenue and department budgets, reviewing the budget, and processing budget iterations before issuing the final budget.
- Creating a budget is not just busy work but rather a comprehensive financial plan for achieving an organization's financial and operational goals. A budget becomes a valuable benchmark for determining how well management is ensuring objectives are attained.
This is a Snapshot of the Budgeting Technique. I have successfully implemented this ZBB model in our company and got good result of multiplying the Profitability.
This document discusses budgeting for planning and control. It defines budgets and how they are used for planning by quantifying organizational goals and strategies. Budgets are also used for control by setting standards, monitoring performance, and taking corrective actions. Reasons for budgeting include planning, decision making, evaluation, communication, and coordination. The master budget combines individual area and activity budgets, while operating budgets concern income generation and financial budgets concern cash flows. Sales forecasts inform sales budgets, and all other budgets depend on the sales budget. The learning curve impacts production, materials, labor, and overhead budgets. While small firms may not do full master budgeting, cash budgets are still important for monitoring cash flows.
This document discusses budgeting for planning and control. It defines budgets and how they are used for planning by quantifying organizational goals and strategies. Budgets are also used for control by setting standards, monitoring performance, and taking corrective actions. The document discusses components of the master budget such as sales, production, and financial budgets. It also discusses flexible and activity-based budgets and how they differ from traditional static master budgets.
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BUDGETING TECHNIQUES
1. ALLPPT.com _ Free PowerPoint Templates, Diagrams and Charts
BUDGETING
2. What is Budgeting? What is a Budget?
Budgeting is the process of creating a plan to spend
your money. This spending plan is called a budget.
Creating this spending plan allows you to determine in
advance whether you will have enough money to do the
things you need to do or would like to do.
3. Why is budgeting so important?
Since budgeting allows
you to create a spending
plan for your money, it
ensures that you will
always have enough
money for the things
you need and the things
that are important to
you.
5. ZERO-BASED BUDGETING
A method of budgeting in which all expenses must be
justified for each new period. Zero-based budgeting starts
from a "zero base," and every function within an
organization is analyzed for its needs and costs.
6. INCREMENTAL BUDGETING
An incremental budget is a budget prepared using
a previous period's budget or actual performance
as a basis with incremental amounts added for the n
ew budget period.
The allocation of resources is based upon allocations
from the previous period.
This approach is not recommended as it fails to take
into account changing circumstances.
Moreover it encourages "spending up to the budget"
to ensure a reasonable allocation in the next period.
It leads to a "spend it or lose" mentality.
7. ADVANTAGES OF
INCREMENTAL BUDGETING
Conflicts should be avoided if departments can be see
n to be treated similarly.
Managers can operate their departments on a consistent
basis.
The system is relatively simple to operate and easy to
understand.
The budget is stable and change is gradual
Co-ordination between budgets is easier to achieve.
The impact of change can be seen quickly.
8. DISADVANTAGES OF
INCREMENTAL BUDGETING
Assumes activities and methods of working will continue in the same w
ay.No incentive for developing new ideas.
No incentives to reduce costs.
Encourages spending up to the budget so that the budget is maintained
next year.
The budget may become out of date and no longer relate to the level of
activity or type of work being carried out.
The priority for resources may have changed since the budgets were set
originally.
There may be budgetary slack built into the budget, which is never
reviewed-managers might have overestimated their requirements in the
past in order to obtain a budget which is easier to work to, and which will
allow them to achieve favorable results.
9. FLEXED BUDGETING
OR FLEXIBLE BUDGETING
A flexible budget is a budget that adjusts or flexes
for changes in the volume of activity. The flexible budget
is more sophisticated and useful than a static budget,
which remains at one amount regardless of the volume of
activity.
As with zero-based budgeting, the flexed budgeting
system gives its name away in the title as it involves
‘flexing’ the normal budget.
10. ADVANTAGES OF FLEXIBLE BUDGETING
Usage in variable cost environment. The flexible budget
is especially useful in businesses where costs are closely
aligned with the level of business activity, such as a retail
environment where overhead can be segregated and treated
as a fixed cost, while the cost of merchandise is directly
linked to revenues.
Performance measurement. Since the flexible budget
restructures itself based on activity levels, it is a good tool
for evaluating the performance of managers - the budget
should closely align to expectations at any number of
activity levels. It is also a useful planning tool for managers,
who can use it to model the likely financial results at a
variety of different activity levels.
11. Budgeting efficiency. Flexible budgeting can be used to
more easily update a budget for which revenue or other
activity figures have not yet been finalized. Under this
approach, managers give their approval for all fixed
expenses, as well as variable expenses as a proportion of
revenues or other activity measures. Then the budgeting
staff completes the remainder of the budget, which flows
through the formulas in the flexible budget and
automatically alters expenditure levels. This approach can
improve the efficiency of the budget formulation process,
especially when the management team is working its way
through a large number of iterations.
12. DISADVANTAGES OF
FLEXIBLE BUDGETING
Formulation. Though the flex budget is a good tool, it
can be difficult to formulate and administer. One problem
with its formulation is that many costs are not fully
variable, instead having a fixed cost component that must
be calculated and included in the budget formula. Also, a
great deal of time can be spent developing cost formulas,
which is more time than the typical budgeting staff has
available in the midst of the budget process.
Consequently, the flexible budget tends to include only a
small number of variable cost formulas.
13. Revenue comparison. In a flexible budget, there is no co
mparison of budgeted to actual revenues, since the two nu
mbers are the same. The model is designed to match actual
expenses to expected expenses, not to compare revenue lev
els. There is no way to highlight whether actual revenues a
re above or below expectations.
Closing delay. You cannot pre-load a flexible budget into
the accounting software for comparison to the financial
statements. Instead, you must wait until a financial
reporting period has been completed, then input revenue
and other activity measures into the budget model, extract
the results from the model, and load them into the
accounting software. Only then can you issue financial
statements that contain budget versus actual information,
with variances between the two. These extra steps will delay
the issuance of financial statements.
14. Applicability. Some companies have so few variable
costs of any kind that there is little point in constructing
a flexible budget. Instead, they have a massive amount of
fixed overhead that does not vary in response to any type
of activity. For example, consider a web store that
downloads software to its customers; a certain amount of
expenditure is required to maintain the store, and there is
essentially no cost of goods sold, other than credit card
fees. In this situation, there is no point in constructing a
flexible budget, since it will not vary from a static budget.