Student Project Activity – Week 1 A. Week 1: Section 1.0 Executive Summary B. TCOs Addressed: TCO 10: Given a description of a new business, new product, service or project develop, present and defend the budget. C. Project Activity Overview – Scenario / Summary: You have been asked to create a budget proposal for one of these businesses: Papa Geo’s Restaurant, The Cutting Edge Landscaping, or Wireless World Electronics Retail Store. This week you will begin working on the proposal by drafting the Executive Summary. Use the Budget Proposal Template.docx. D. Deliverables: Save the first paragraph of Section 1.0 Executive Summary Draft as …show more content…
TCO 10: Given a description of a new business, new product, service or project develop, present and defend the budget. I. Project Activity Overview – Scenario / Summary: Last week, you selected a business for which you’ll make a budget proposal. Your first step is to create a sales forecast (in sales dollars) when no historical data is available. Use methods such as historical analogy, expert judgment, consumer surveys, the Delphi method, or calculations based on population distributions, estimated growth rates, or expected market penetration rates to arrive at reasonable sales figures for your business for the next 5 years. Use the Budget Proposal Workbook.xlsx and Budget Proposal Template.docx. J. Deliverables: Complete Section 2.0 (including sections 2.1 and 2.2) in the Budget Proposal Template.docx after doing research and performing calculations to arrive at your 5 year forecast. Also, provide calculations in the Budget Proposal Workbook.xlsx. Add section 2.0 to your Budget Proposal Template and save it as Project_WK2.docx. Save your sales forecast in the worksheet tab labeled Section 2.1 and 2.2 as Worksheet_WK2.xlsx and upload both files to the Week 2 Project Dropbox. K. Project Tasks: Task 1: | Download Budget Proposal Workbook.xlsx from DocSharing. | Task 2: | Research the area in which your business is located, and do calculations in the
3. Explain two methods that can be used in order to identify realistic estimations when developing a budget. [2.2]
• The first thing you need to do is save a copy of this document, either onto your computer or a USB drive
The budget process is a powerful planning tool for government to make important resource decisions. According the Carney and Schoenfeld‘s article on How to read a Budget, an operating budget is a reflection of government’s financial plans. When a budget is
5. How would you identify timescales, priorities and financial resources when preparing a budget? [2.3]
Capital expenditure budget. This budget is needed when an organization needs to invest in major projects and equipments, such as purchases of new products, new information technology systems, in which a management team will conduct a financial evaluation to determine whether the company’s return on investments will be met (Halliman, 2006).
Capital planning and budgeting is a very vital piece in the Public Budgeting System process. It is an essential implement in the financial management practice and is effective in both public and private organizations. It is the method which consists of the determination and the evaluation of the investments and the possible expenses by an organization. As explicate by Lee, Johnson, & Joyce (2008), capital budgets help in determining how much of each form of investment is needed, and it supports an organization in assessing the available revenue which includes loans is required to finance those investments (p. 475). Capital budgeting is a central part of the universal
Staying on budget is one of the key factors that will play a significant role in ensuring the success and the completion of the project in a timely manner. In addition, budgeting will allow this project to develop a spending plan which will ensure that we do not exceed the $3,000 dollars allotted for the project. Furthermore, by having a budget plan in place, we are on the path to setting and meeting our financial goals.
In addition to that other products required along with the departmental capital improvement proposals includes cost estimation, project justification statements, citation
The central challenge that budget developers encounter is predicting what the future holds for the internal business and external factors. Reading the future is something that can never be done with perfect precision. The fast pace of technological change, the complexities of global competition and world events make developing effective budgets both more difficult and more important.
This assessment is about the requirements to undertake budgeting and forecasting the finances of an organization. After reviewing the case study I have prepared a budget statement.
Prior to begin this part of the business plan, I feel it is of utmost importance to highlight the program objectives here again, to act as a reminder, and they are listed below:
* Finally, provide a third paragraph where you summarize the key points from your budget, including the planning horizon, the amount of up-front investment, the NPV, Payback and IRR of the project, as well as key figures from your income statement, cash flow statement, and balance sheet.
| |AC 3.2 Participate in the creation of a master budget for an organisation |
Budget is a comprehensive business plan for procuring and appropriating a firm’s financial resources over a specified time period.
Budget and budgetary control practices are undeniably indispensable as organizations routinely go about their business activities and operations. These organizations are constantly on the alert on how actual levels of performance agree with planned or budgeted performance. A budget expresses a plan in monetary terms. It is prepared and approved prior to a particular budgeted period and explicitly may show the income, expenditure and the capital to be employed by organizations in achieving their goals and objectives.