1) How does a budget play into cost containment? What are some of the downfalls in an organization where budgeting is not done effectively?
1. A budget is a formal written statement of management's plans for a specified future time period, expressed in financial terms.
It plays into cost containment by aiding management in planning because it represents the primary method of commu-nicating agreed-upon objectives throughout the organization. Once adopted, a budget becomes an important basis for evaluating performance.
#. Some of the downfalls in an organisation where budgeting is not done effectively are :-
- incomplete projects
- getting loans
- loos of profit
- getting into debt
- more interest rates
- leading to reprise
1) How does a budget play into cost containment? What are some of the downfalls in...
What is the value of budgeting? Who should prepare the budget(s)? How does the budgeting process begin – where do the numbers come from? How often should the budget be revised?
Your coworkers are upset that the current theme in the organization is cost containment and they see that money is being spent on remodeling the emergency department, which is unable to keep up with the demand due to inadequate space. Describe how you would react to your coworkers. What factors are possibly being taken into consideration by administration? Your coworkers think that the money being spent to remodel the emergency department should go to securing raises. How would you explain...
Respond to the following in a minimum of 175 words: What is a master budget? What are some of the underlying budgets that form the master budget? What is the budgeting process at your organization? Is it effective? Why or why not?
Briefly describe some of the advantages and disadvantages of a Zero Based budgeting process. How does this compare to the process used in your organization?
1. What is Activity-based budgeting? How does it differ from traditional budgeting systems? 2. List and explain 3 benefits of budgeting 3. List and explain 2 of the negative outcomes of budgeting. 4. What information does the sales budget provide for a company? 5. What information does the production budget provide for a company? 6. What information does the direct materials budget provide for a company? 7. What information does the direct labor budget provide for a company? 8. What...
What role does budgeting play in a healthcare setting (or any business setting)?
Evaluate the role of credit worthiness in strategic success. How does this play a role and why is this an important concept in today’s market? What are ways that credit worthiness can be enhanced by competent strategic financial management? How does the credit worthiness of individual leaders impact the overall organization?
What role does honesty play in the preparation and presentation of financial statements? What are some of the consequences of dishonesty in the preparation and presentation of financial statements? Why did Congress enact the Sarbanes-Oxley Act in 2002?
What role does accountability play in ensuring the consistent delivery of quality care? What are some of the hallmarks of a culture built on this concept? List a few tactics that create such a culture.
Budget Variance has to do with missed projections in the budgeting process. what is an example of a specific organization of how a favorable budget variance might occur? What is an example of the same organization that details how an unfavorable budget variance could occur?