Budgeting is not only useful for a business organization but it is also useful for personal planning and spending. The existence of a well structured budget within an organization or a personal budget tells how well a person or the business is organized. From a business perspective regardless of the type and size a budget is an important recipe for success and smooth running of the business.
According to Burrows and Syme (2000) depending on the size, a business can have various types of budget that include; the sales budget, the production budget, the general administrative budget, cash budget and the master budget. It is important to note that the master budget encompasses all the other different types of budget into one and through the master budget a business can plan its expenses in advance and also can use it to obtain additional finances. This present study will further discuss the…...
mlaReferences
Burrows G, and Syme B, (2000) Zero-base Budgeting: Origins and Pioneers: ABACUS, pp 226-241
Edwards J. And Mellet H, (1991) Accountancy for banking students; Lombard Street, London pp 443-454
Jordan M, and Harbart M, (2005) the goals and implementation success of state performance-based budgeting, Journal of public budgeting accounting and financial management, pp 471-487
Krajewski, L.J., and Ritzman, L, P, (2003) Operations Management: Strategy and Analysis. Addison-Wesley Publishing, pp 67
However, when you look at the overall graduation rates of the district in comparison with the state average, one could effectively argue that these programs were failures by not keeping the district in line with the state number.
There are number of different programs that are restricted from being adjusted these would include funds that would fall under the categories of: other special education funds, internally restricted funds and externally restricted funds. Some examples of the different educational programs that are subject to such restrictions would include: the Parent Teacher Coordinator, special education support staff and the Safe School Initiative just to name a few. The reason why some programs are under such restrictions is the funds could be ear marked for a particular program or may be necessary to be in compliance with the law (such as a cutting of funds to special education could result in the district…...
mlaBibliography
Fiscal Year 2010 Budget. (2010). Retrieved April 21, 2010 from NYC Department of Education website:
https://www.nycenet.edu/offices/d_chanc_oper/budget/dbor/galaxy/galaxybudgetsummaryto/display2.asp?
DDBSSS_INPUT=K261&PROG_YEAR=2010&POP_SCH=K256
FY 10 School Budget Overview. (2010). Retrieved April 21, 2010 from NYC Department of Education website:
Budgeting
This budget is a static budget. The variable components are based on the number of students, and in this budget the amount of students is assumed to be fixed throughout the year. The budget does include three different student levels, but this reflects sensitivity analysis, not a flexible budget that changes over the course of the year. To make the budget flexible, the school would need to make changes to the different elements of the budget as the school year progresses. That is entirely possible the way this budget is structured, but the possibility of converting it to a flexible budget does not make it a flexible budget.
The total revenue per student excluding grants is taken by adding up the non-grant revenues per student: $6,063.06
The total expenses per student depends on how many students. At the 120 student assumption, total expense per student are $4,518; at the 100 student level…...
Due to Ford's international presence, this database needed to be accessible remotely, and so the database was created to have remote access from any browser in Ford's locations in 120 countries. Utilizing this technology is a fundamental piece of Ford's mission, therefore it was important to make sure that technology used would be accessible and easily manageable by its employees. Since the technology used is simple enough to be used on a regular browser, there is little in depth technology training needed by the majority of employees who would be using and accessing the system. This helps reduce training costs as well as ensures practical usage within the company. Since Ford's financial position has taken a tumble from its successful days of the past, this technology proves essential in reducing unnecessary costs and helps keep the company running as smoothly as possible without reckless spending. Eliminating unnecessary high maintenance…...
mlaReferences
Oracle. 2009. PeopleSoft gives Ford the ability to operate globally as one company, with accounting, analysis, GAAP reporting, and statutory reporting on one system. Tech Republic. [18 July 2009].http://whitepapers.techrepublic.com.com/abstract.aspx?docid=128640 .
Takana, Yuji. 2004. Transformation of the budgeting process. Jnet. [18 July 2009].http://us.kpmg.com/jnet/English/Archives/2004/MayJune/Budget_E.pdf.
Budgeting
Beyond budgeting, two words that some believe hold the future to a company's financial strength and profitability. No longer is it necessary to implement a plan, make and sell business model. Instead, in today's current business environment it is much simpler to organizations to go beyond the traditional budgeting organization to one that goes beyond that budgeting process by providing the opportunity to respond much faster to the demands of a fickle consumer.
One report determines that the old business model involves protracted time and energy in a budgeting process that assumes "that customers will buy what the company decides to make" (Hope, Fraser, 2000, p. 31) but the report goes on to make the assertion that companies run a huge risk when they make assumptions that "are no longer valid in an age when customers can switch loyalties at the click of a mouse" (p. 31). What Hope and Fraser…...
mlaReferences
Harvard Business Update (1998) Common sense about group incentives, Nov. 1998, p. 3
Hope, J. & Fraser, R.; (2003) New ways of setting rewards: The Beyond Budgeting model, California Management Review, Vol. 45, Issue 4, pp. 104-119
Hope, J. & Fraser, R.; (2000) Beyond budgeting, Strategic Finance, Vol. 82, Issue 4, pp. 30-35
Libby, T. & Lindsay, R.M.; (2007) Beyond budgeting or better budgeting? Strategic Finance, Vol. 89, Issue 2, pp. 46-51
Sometimes state politics plays a major role and it shapes the outcomes of the legislative action in completely different ways. For example, the Texas Enterprise Fund was created in 2003. The main reason for its implementation of the fund was to attract new companies to Texas. However, the main point of debate here was that this fund was approved, when drastic budget cuts for state programs were being implemented (due to the economic recession). Where, this fund was contending for revenues that could have been allocated to: healthcare and insurance programs for the low-income families. In this case, state politics was a major factor in the creation of this fund. ("Texas Politics - Political Economy," 2010)
Another element that is sometimes associated with legislative action is "Pork" spending amendments. Simply put, this kind of spending is when various politicians will allocate funds, out of the budget for special projects in…...
mlaBibliography
The Budget Process: Four Phases. (2010). University of Texas. Retrieved from: http://www.laits.utexas.edu/txp_media/html/pec/features/0403_01/slide1.html
Texas Politics - Political Economy. (2010). Texas Tribune. Retrieved from: http://www.texastribune.org/texas-politics/2010-general-election/what-an-end-to-earmarks-would-mean-for-texas/
Castro, a. (2011). Texas budget draft cuts $13.7 billion in spending. Valley News Live. Retrieved from: http://www.valleynewslive.com/Global/story.asp?S=13866526
Philpott, B. (2010). What an End to Earmarks Would Mean for Texas. Texas Tribune. Retrieved from:
Criminal justice agencies rarely use a program budget, although this format does offer some advantages. This budget places a strong emphasis on different programs' social utility and strives to define the relationship between policy objectives, programs, and specific expenditures (such as citing the amount of money allocated to DUI prevention and arrests for the offense). It justifies and explains budget areas to provide accountability for objectives, and enables employees and politicians alike to understand department objectives. However, it can be expensive to implement.
PPBS (planning- programming- budgeting systems) and zero-based budgeting formats were used by several states during the 1970s as well as private industries, although these formats are rarely used by cities and have since fallen out of favor. There are three basic budget processes -- planning, management, and control. PPBS and zero-based budgeting strives to define all of these elements, every year, as part of the budgetary development process.…...
mlaReference
Peak, Kenneth J. (2009). Justice administration: Police, courts, and corrections management.
5th Edition. New York: Prentice Hall.
udgeting
Engineering organizations, like most other types of organizations, develop cost budgets that include all the resources they can track such as money, people hours, calendar time and space; both as initial investments and recurrent operational costs or future commitments (Gilb, 1997). However, according to Gilb, engineering organizations face unique challenges because it is often impossible to estimate a step cost budget until the following is known about a particular step:
The design ideas to be used, and their costs
The functionality to be changed, and their costs
The process for acquiring the step content, and its cost
The process for integrating and testing the step content, and its cost
The process for deploying the step content to the recipient, and its cost
Some organizations ignore costs while others attempt to deal with these unknowns in the budget process by turning to techniques such as design to cost (DTC) and cost as an independent variable (CAIV).
Often, product…...
mlaBibliography
Criscimagna, N. CAIV. Retrieved March 27, 2004 from Web site: hl=en& ie=UTF-8http://66.102.7.104/search?q=cache:Zd0WiwL8Uk4J:rac.alionscience.com/pdf/caiv.pdf+CAIV&
Crow, K. (2000). Achieving target cost / design-to-cost objectives. Retrieved March 27, 2004 from Web site: http://www.npd-solutions.com/dtc.html
Geraldland. J. (1997, March-April. Differences in philosophy - design to cost vs. cost an independent variable. Retrieved March 27, 2004 from Web site: hl=en& ie=UTF-8http://66.102.7.104/search?q=cache:YiBVvHedvdwJ:www.dau.mil/pubs/pm/pmpdf97/land.pdf+%22design+to+cost%22&
Gilb, T. (1997, August 21) Evo: the evolutionary project managers handbook. Retrieved March 27, 2004 from Web site: http://www.ida.liu.se/~TDDB02/pkval01vt/EvoBook.pdf
Budgeting/Cost Control
New Budgetary Need for the HSO -- Additional Hotline 'Crisis' Staff is Warranted, Especially During Exam Time
One new budgetary need that might and in fact must be addressed in an overall HSO (Health and Safety Office) budget request is additional volunteer, but more particularly additional paid student work study counseling staff during exam time for the University 'crisis' hotline.
Description Statement providing an overview of the request
The request is as thus: currently, the HSO runs an evening crisis hotline, staffed by several volunteer students, to counsel students at times of emotional and psychological crisis. If the individual on the hotline seems to be suicidal, or expresses a wish to harm him or herself, there is also a school psychologist on staff who can be contacted via an emergency number by these crisis staff student volunteer counselors, as such an individual can better provide assistance and can also circumvent university liability…...
Budget: educing isky Behavior Among African-American Female Adolescents
The membership of the American Association of Nurse Practitioners (AANP) is almost 200,000 in number (AANP, 2014a), but sending a survey to all members would be prohibitively expensive. The membership ranks are divided into regions within the United States and regions 2, 3, 5, and 11 represent the more urbanized ones (AANP, 2014b). The addresses of members will be cross-referenced with the major urban areas in these regions (SBA, n.d.; SSDAN, n.d.) and a random sample of 1,000 will be selected from this group and sent an information packet, with the hope of recruiting at least 115 mother-daughter dyads through these providers. The cost of 1,000 first class stamps will be $490 dollars, but another 1,000 postcard stamps will be needed for the response cards included in the recruitment package. The total postage costs for the initial phase of the study will be…...
mlaReferences
AANP. (2014a). About AANP. Accessed 25 Feb. 2014 at http://www.aanp.org/about-aanp .
AANP. (2014b). Regions. Accessed 25 Feb. 2014 at
Budgeting; Allocation of Public Resources
In 1940, V.O. Key laid out the basic budgeting problem that economists are yet to solve: ‘on what basis do we decide to allocate resources to one program and not another given the scarcity of resources?’ According to Keys, solutions to this problem lie in economic theory or an improved understanding of the institutional arrangements within which decisions for resource allocation are made (Fozzard, 2001). From these two perspectives, economists have proposed several guiding principles as the basis for resource allocation in the public sector. This text discusses five of these bases.
The Public Goods Basis
This basis assumes that the market is perfect and that the forces of demand and supply adjust accordingly to allocate public resources in an efficient manner without the need for public intervention (Fozzard, 2001). Public intervention would only be justified in the event of market failure, where the forces of demand and…...
mlaReferences
Fozzard, A. (2001). The Basic Budgeting Problem: Approaches to Resource Allocation in the Public Sector and their Implications for Pro-Poor Budgeting. Overseas Development Institute. Retrieved from Lane, J. (2000). The Public Sector: Concepts, Models and Approaches. Thousand Oaks, CA: Sage.Milakovich, M. E., & Gordon, G. J. (2013). Public administration in America (11th ed.).Belmont, CA: Wadsworth Publishing.Premchand, A. (1989). Purposes of Budget and Determinants of Public Expenditures. IMF. Retrieved from https://www.elibrary.imf.org/view/IMF071/02862-9780939934256/02862-9780939934256/ch02.xml?language=en&redirect=true https://www.files.ethz.ch/isn/100340/wp147.pdf
Acero Clemente Budgeting Final ProjectThe accompanying process in making a school budget gives a chance to the schools to have justifications in the collection and expenditure of funds obtained from the public. In other words, such budgets describe the plan for the upcoming years about expenditures and revenues that are anticipated. The allocations also translate the schools missions, operations, and objectives into the essence. This is possible by giving an outline and provision of specific programs and giving funds in terms of finances. The school budget bridged the gap between the plan of a districts stated goals and the allocation of resources. The budget process provides room for discussing the choices among several programs that may be competing for the limited available resources. The main essential steps of creating a school budget include allocation of resources, involvement of the public, and conduction of budget elections. In this case, the school…...
mlaReferences
Adafin, J., Rotimi, J. O., & Wilkinson, S. (2020). Risk impact assessments in project budget development: quantity surveyors’ perspectives. International Journal of Construction Management, 20(1), 13-28.
https://www.tandfonline.com/doi/abs/10.1080/15623599.2018.1462441
Bentley, T., & Stone, R. (2021). Rebuilding Equitably: Overcoming Educational Inequity through Michigan’s Budget. Brief on the Fiscal Year 2022 Executive School Aid Budget Recommendation. Education Trust-Midwest.
Looking over a spreadsheet can clarify when to make larger purchases, such as waiting until the start of a new billing cycle, or negotiating better payment terms offered by suppliers and any creditors, especially when interest rates are volatile.
Once the need for a budget is established then the organization can consider what type of budget it desires. For example, with zero-based budgeting, "all expenses must be justified for each new period. Every function within an organization is analyzed for its needs and costs. Budgets are then built around what is needed for the upcoming period, regardless of whether the budget is higher or lower than the previous one" (Zero-based budgeting, 2009, Investopedia). hile it is true that zero-based budgeting is more costly than traditional cost-based budgeting, it also favors enterprises specializing in areas "that achieve direct revenues or production" in the enterprise (Zero-based budgeting, 2009, Investopedia). For larger organizations,…...
mlaWorks Cited
Activity-based budgeting.. (2009). Investopedia. Retrieved February 25, 2009 at (Thebeauty of budgeting 2009). Investopedia. Retrieved February 25, 2009 at http://www.investopedia.com/articles/pf/06/budgeting.asp http://www.investopedia.com/terms/a/abb.asp
Budget. (2009). Investopedia. Retrieved February 25, 2009 at http://www.investopedia.com/terms/b/budget.asp
Capital budgeting. (2009). Investopedia. Retrieved February 25, 2009 at http://www.investopedia.com/terms/c/capitalbudgeting.asp
Cash budget. (2009). Investopedia. Retrieved February 25, 2009 at http://www.investopedia.com/terms/c/cashbudget.asp
Operating expenses include selling and administrative expense. Ordinarily, a forecast or budget for selling expenses is prepared together with the sales budget or profit target because selling efforts such as promotions, commissions and salaries of the sales staff are directly related to sales. Selling expenses may either be variable or fixed. Administrative expenses include projected administrative costs for other than production or selling activities. These expenses are mostly composed of fixed costs such as research and development, insurance payments and government taxes.
3. Calculate expected profits
Profit is the excess of revenue over total costs and expenses incurred in generating such revenue during the period of operation. Profit can be expressed in the mathematical equation:
Profit = Sales - Total Costs and Expenses]
Costs having been considered, the budgeted profit plan may now be established. Injecting the concept of 'revenue less expenses equals profit,' the profit may be calculated as follows:
Budgeted Sales
Less: Direct/Product/Manufacturing Costs
Add:…...
125% to 6.0% would increase the estimated revenues by approximately $300 million, bringing this revenue to its highest level in history. This rate would still be lower than the state sales tax rate in neighboring Southwest states such as Arizona (6.6%), Texas (6.25%), Nevada (6.85%) and California (7.25%) (Sales Tax Clearinghouse, 2010). ith this increase, personal income tax rates would not need to be increased. Corporate income tax rates would also remain the same, as they are not a significant component of general revenues. hile the move to increase the state sales tax would prove unpopular, it would allow New Mexico to build for a more stable budget future, less reliant on federal transfers, while remaining competitive in terms of corporate and personal income taxes.
Appropriations will also need to be cut in order to save money. The main problem with appropriations in the budget is that a looming and unexpected…...
mlaWorks Cited:
Massey, B. (2010). NM revenues weaken, more state budget cuts loom. Business Week. Retrieved December 2, 2010 from http://www.businessweek.com/ap/financialnews/D9H3JT6G1.htm
McCaffrey, S. (2010). State budget shortfalls may reach $180 billion this year. Boston Globe. Retrieved December 2, 2010 from http://www.boston.com/news/nation/articles/2010/01/04/state_budget_shortfalls_may_reach_180_billion_this_year/
McNichol, E.; Oliff, P. & Johnson, N. (2010). States continue to feel recession's impact. Center of Budget Policy Priorities. Retrieved December 2, 2010 from http://www.cbpp.org/cms/?fa=view&id=711
New Mexico 2011 Budget. Retrieved December 2, 2010 from http://budget.nmdfa.state.nm.us/cms/kunde/rts/budgetnmdfastatenmus/docs/284016296-01-05-2010-09-15-31.pdf
Below is an example essay to help give you ideas when writing your own paper.
Title: Bridging the Skills Gap in the South African Supply Chain Industry
Introduction:
In today's rapidly evolving global economy, the supply chain industry plays a vital role in ensuring the efficient flow of goods and services. However, South Africa's supply chain sector faces a significant skills gap, hindering its growth and competitiveness. To address this challenge, it is essential to identify and cultivate generic, transferable, core, or key attributes that can bridge this gap effectively. This essay will discuss the different forms of such attributes....
Outline for an Essay on Summer Vacation Plans
I. Introduction
Hook: A captivating anecdote or statistic about the anticipation of summer vacations.
Thesis Statement: Clearly state your plans for summer vacations and the main points you will discuss.
II. Body Paragraph 1: Travel Destinations and Activities
List the specific destinations you plan to visit during your summer vacations.
Describe the activities you intend to engage in at each destination, including cultural experiences, outdoor adventures, or relaxation.
Include specific details about accommodations, transportation, and estimated costs.
III. Body Paragraph 2: Personal Growth and Enrichment
Discuss how your summer vacations will contribute to your personal....
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Ethics and Social Responsibility
The Importance of Ethical Decision-Making in Business
Sustainability and Corporate Social Responsibility: Balancing Profits and Planetary Health
The Role of Business in Addressing Social Issues
Whistleblower Protection and the Ethical Obligations of Employees
Innovation and Entrepreneurship
The Role of Innovation in Driving Business Growth
The Entrepreneurial Mindset: Characteristics and Erfolgsfaktoren
Creating an Innovative Work Environment
The Impact of Technology on Business Innovation
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