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What is the effectiveness of budget in achieving organizational strategic goals?
Wiki User
∙ 16y ago
Budgets play effective role in achieving organizational strategic goals in this sense that these budgets are the ways through passing which you reach at your strategic goals. In budget development process you try to foresee that will you successfully reach at your strategic goals or not . Budgets sets the standards to achieve goals and with the help of these standards organizations can evaluate the fluctuations occur during the year and try to ascertain the reasons from deviating from achieving the define goals.
Wiki User
∙ 16y ago
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Is budget a single use plan standing plan or strategic plan?
It is a strategic plan
What steps can be taken to prevent budgetary slack?
budget slack can be prevented by good alignment between budgeting process and the organization's strategy which achieved by communication and coordination between top management and line managers or strategic business units to ensure that all line managers have the same perspective about achieving the organizational goals.good implementation of budgetary control also plays a role in preventing budgetary slack.
What can Effectiveness and efficiency in accounting can be measured by?
The effectiveness and efficiency in accounting can be measured by several things. These things include how their money is spent, how they stay within budget, and how the books are balanced.
What is the meaning of 'the budget is a target'?
An organizational budget is a target in that it establishes boundaries for how much money could be spent on one particular area of department or competency. The budget may not be laid in stone but provides a guideline for how operations need to function in order to stay within a maximum goal of money spent
What is a bugdet?
A budget is an amount of money allocated to a specific task, department or item. In example, the marketing budget for the first quarter of the financial year is $500,000. The actual marketing cost for the first quarter of the financial year was $450,000; therefore when comparing the budget to the actual cost, you find that the marketing department operated at $50,000 favourable for the first quarter. Budgets allocate money, but in comparison to the actual costs incurred, they can also be used as a monitoring and measuring tool for effectiveness and efficiency of the department.
What is the effectiveness of budget in achieving organizational strategic goals pdf?
Budgets play a crucial role in helping organizations achieve their strategic goals by allocating financial resources strategically. By setting clear financial targets and priorities, budgets guide decision-making and resource allocation to support strategic initiatives. However, the effectiveness of budgets in achieving strategic goals also depends on factors such as alignment with organizational priorities, flexibility to respond to changing circumstances, and proper monitoring and evaluation.
How does the budget contribute to inter-organizational communication?
Budget limits the effectiveness of the inter-organizational task force and limits the ability to communicate when it is tight. Budget allows for more effective inter-organizational communication when it is appropriate for the size of the task force.
What are the kinds of budget included in strategic plan?
Budget deficit, surplus, and balanced.
Is budget a single use plan standing plan or strategic plan?
It is a strategic plan
What steps can be taken to prevent budgetary slack?
budget slack can be prevented by good alignment between budgeting process and the organization's strategy which achieved by communication and coordination between top management and line managers or strategic business units to ensure that all line managers have the same perspective about achieving the organizational goals.good implementation of budgetary control also plays a role in preventing budgetary slack.
An accurate statement about achieving a balanced budget would be that?
most states require a balanced budget for state spending
What are the factors that effect the budget resources allocation decisions of managers?
The internal objectives of a business; the regulations and legislation's that affect the market plans; world news and events; industrial analyst reports, financial analysis; establishing strategic goals, achieving them and attaining results. These are the factors that affect budget resources allocation decision of managers.
What is strategic misrepresentation?
Strategic misrepresentation is the planned, systematic distortion or misstatement of fact-lying-in response to incentives in the budget process.
What is meant of term obstacles when budgeting?
Things which may get in the way of achieving the budget targets.
Which document helps guide key financial planners in developing the Navy's annual budget?
Navy Strategic Plan
What can Effectiveness and efficiency in accounting can be measured by?
The effectiveness and efficiency in accounting can be measured by several things. These things include how their money is spent, how they stay within budget, and how the books are balanced.
What is an example of an inadequate budget control system?
exlpain translates strategic plans into department action
