However, the effects of the winter improved sales figures for home improvement companies that sell shovels, rock salt, and snow-blowers. A retail company must anticipate sales orders and profits based on data from past years, but the organization may be faced with a warm winter after stocking the shelves with mittens or be faced with unexpectedly high sales figures if it unexpectedly manufactures the 'hot toy' of the upcoming Christmas season. Flexible budgeting takes into consideration such circumstances.
Ethics
While flexible budgeting can offer a more realistic portrayal of how an organization functions, it can also be problematic in the manner it offers opportunities for 'creative accounting.' The organization must make a good-faith effort to present an accurate portrait of market circumstances for all stakeholders, and not use the option of flexibility to make a more optimistic portrayal of...
Flexible Budgeting at Procter and Gamble Managerial accounting class. Examine the budgeting process at a company. (use a us fortune 500 company) identify strengths and weaknesses of the company's Budgeting process. Flexible Budgeting at Procter and Gamble Budgeting process at Procter and Gamble Procter and gamble uses a tailored budgeting process that is flexible to the ever changing realities in the business world. The budgeting process is preferred to using an outdated standard budgeting
Financial Analysis of Bestwish Limited Company Overview Bestwish Limited produces extensive range of quality products such as gift dressing, greetings cards, and plush merchandise of more than 50,000 stocks. The production of different categories of products involve between 2 and 15 processes. The company produces standardized products and custom designed products ordered from customers on contract basis. However, Bestwish Limited is facing challenges to control the costs because of varying production process,
These controls can include having a standardized procedure for the preparation of the forecast budget or through the application of budgetary slack. The lower the slack management allows in the forecast budget, the greater the lower the variance that can be expected, in particular when the manager making the forecast has reputation at stake on the variance (Ibid). Reputation is an external driver, while ethics are an internal driver
" Of these respondents, over 50% of them stated that they lack a disaster recovery plan (Anthes, 1998). However, most of the problems stem from the lack of communication at the corporate level. (Hawkins, et al., 2000). Business Continuity Plans (BCP) and other forms of strategic planning are no longer a luxury, but a must-have factor and an important element of any organisation's risk management system. Organisations are increasingly dependent upon
Practice Fusion Strategic Planning Document: A Plan for Conversion, Integration, and Implementation of Electronic Health Records (EHR) in a Residential Care Facility Description of Institute The objective of this study is to examine the implementation of a new information technology data-management plan at a residential care facility for individuals with mental illness/mental retardation. This facility also provides day treatment and respite care. This will include a two-person practice for a Nurse Practitioner and a
For the Med. Mgr., a degree of monitoring is required at least to ensure that daily production goals are being met, inventory is stocked and clients are satisfied. This requires internal monitoring and occupies a reasonable fraction of the Med. Mgr.'s time. The Bank Mgr. would report that no real monitoring is required other than to ensure that the personnel over which he presides are meeting their respective responsibilities.
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