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operation managment
Hi class,
I had to do a bit of research to learn about what these two types of budgets are. I found that zero based budgeting gets its name because it assumes that the budget is build from zero. Or, nothing is carried over from previous years/periods. A benefit of this, is that it forces the team to carefully examine each expense added to the budget, since nothing is carried over from before.
Incremental budgeting is very different as it does take into account previous periods to build budgets. By using the previous budget as a base, and making adjustments as needed, it allows for a fluid, "forward-looking budget", as the article put it.
Thanks for reading,
Angel M.
Please respond to this classmates post.
Step by step
Solved in 3 steps
- Step 1: Definition of Behavioral Aspects of Budgeting The behavioral aspects of budgeting in accounting refer to the psychological and social factors that influence how individuals and groups behave in the budgeting process. It recognizes that budgeting is not only a financial exercise but also involves human behavior, motivation, and decision-making. Step 2: Participation and Involvement One important aspect of behavioral budgeting is the level of participation and involvement of individuals and teams in the budgeting process. When employees are actively involved in setting goals and creating budgets, they develop a sense of ownership and commitment. This can lead to increased motivation, accountability, and a better understanding of the budget's purpose. Step 3: Motivation and Goal Congruence Behavioral aspects also focus on how budgeting can be used as a tool to motivate employees and align their goals with the organizational objectives. When employees perceive that their individual…1. explain the difference between strategic plans and budget plans? 2. how can budget facilitate communication and coordination? 3. Explain why many companies believe cash flow budgeting is important?a) Explain the principles behind lifecycle costing and briefly state why Fisher in particular should consider these lifecycle principles. b) Produce the budgeted results for the game 'Stealth' and briefly assess the game's expected performance, taking into account the whole lifecycle of the game. c) Explain why incremental budgeting is a common method of budgeting and outline the main problems with such an approach. d) Discuss the extent to which a meaningful standard cost can be set for games produced by Fisher. You should consider each of the cost classifications mentioned above.
- 3. Explain horizontal and vertical analysis and when you would use one over the other.4. Discuss a money management challenge in a business setting and how you would overcome it.2.Explain why zero based budgeting might be a useful tool to employ to ensure that budgetary requirements are kept up to dateMr. Raheem, the marketing manager of Orphic company prepared a plan showing the expected expenses of his department for the coming year 2021. This type of plan is an example of: a. Contingent Plan. b. Budget. c. Strategic Plan. d. Standing Plan.
- Compare and contrast the role and preparation of a master budget in a company's financial planning process, and discuss how it can be used to coordinate the activities of different departments and improve decision-making.Chapter 15 Explain the four common uses of comparisons that the manager will find helpful. Chapter 16 Explain the importance of assumptions when building a budget? Chapter 17 Explain the rationale for replacing existing equipment with new equipment.Solve this please Gemilang Bumi Bhd. It is in the early stages of planning for next year's annual budget. Alex recently joined the company as a business accountant and is interested in learning as much about the budgeting process of the organisation as possible. Alex introduced the following discussion after the latest meeting with the Sales Manager, who is Rock and Raju as Production Manager. Alex: Because I'm new here and I'm going to be involved in the yearly budget planning. I would like to know how the two of you predict the revenue and production figures. Rock: By looking at modern history, we start out very methodically, analysing what we know about existing accounts, future consumers, and the overall state of consumer spending. Then we apply the normal dosage of insight to generate the best guess we can make. Raju: I generally take the estimates for revenue as the foundation for my projections. Of course, we have to guess what the final inventories for this year are going to…
- What are some potential problems with the top-down and bottom-up budgeting processes? What are some ways of dealing with these potential problems? In preparing a budget, what indirect costs should be considered?B. Analyze the situation below. Mrs. Malou Pitt is the auditor of MugTaza Company for almost 10 years. She rendered resignation because she decided to be with her family abroad. Ms. Teeyagha Khoo, the finance manager was full of regrets because Mrs. Pitt's decision since she was one of the most dedicated and superb employees of the company. Mr. Khoo accepted her resignation letter and forwarded it to Atty. Kizze Magalang, the Human Resource Manager. Hence, the company will be on the process of recruiting applicants to fill in the position of Mrs. Pitt. wwwd In this scenario, who will fill up the Personnel Requisition Form? a. Atty. Kizze Magalang, the Human Resource Manager b. Ms. Teeyagha Khoo, the Finance Manager w m m mw Justity your answer.Imagine your local city council has asked the New York City Department to provide the budget summary at the next town hall. The city council wants to understand how your budget is developed and managed. Write a 700- to 1,050-word summary explaining the agency’s budget strategies and policies and how the agency’s governing policies determine budget administration. Include the following details in your summary: Governing Policies: Governing policies help an organization develop and implement procedures or policies that result in efficient, consistent operations. Summarize the published mission of the agency. Summarize 1–2 governing policies related to the agency’s mission. Explain how the policy/policies support the agency’s mission. Strategic Plan: Organizations use strategic plans to define present and future vision, goals, and objectives. Summarize 2–3 primary goals and objectives outlined in the agency’s strategic plan. Explain how the goals and objectives align with the…