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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

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JUST DO QUESTION 8 When you are preparing a budget where could you g.pdf

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