In your opinion, which provides the most benefit to an organization, a budget or the budgeting...
In your opinion, which provides the most benefit to an organization, a budget or the budgeting process? Why?
Homework Answers
The budget provides the most benefit to an organization.
The reasons are:
*It sets out the action plan of the organization in detail, so that each component part of the organization can understand what they are to do during the forthcoming period and how their contribution affects the overall performance of the organization.
*It provides the authorization to utilize the resources allocated per the budget. Managers can go ahead with the implementation of the budget. They need not obtain further approvals or sanctions unless it is so specified in the budget.
*Budgets are targets that are set, usually on a one to one basis, to be achieved by the managers. As they are set with mutual consent, they form motivating goals for the managers.
*Targets per budget are used for control of performance and costs. Variances are probed and shortcomings are set right.
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