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Is management accounting information historical or future oriented?
Management accounting information is historical in nature but it needs to be also future oriented.
What are the objectives of cash budget?
Cash is the most important for running of day to day business activities so it is important for the management to know that when they are short in liquidity or excess from needs so they have enough liquidity at all time and not short of money when required as well as not have excess cash in hand from needs.
What is a good company to buy budgeting and forecasting software from?
What is best depends on your needs and what type of business you are in. A good solution for small to medium size businesses is PlanGuru. Their integration with bookkeeping software is very helpful.
Why does a business need to be consistent in the fiscal period it uses for its financial reports?
A business needs to be consistent in the fiscal period it uses for financial reports for purposes of comparison and accuracy. If the fiscal period changes, then it is difficult to compare the business's performance across different periods.
What are managements needs?
Somebody needs to define what is needed, when it is needed by, monitor that all activities come together and every team member is going in the right direction, control the budget in order to realize.Management is the process of choosing and coordinating all available organizational resources to accomplish the firms goals and objectives. Without appropriate management of these resources,...
What is zero base forecasting?
This method uses the organization's current level of employment as the starting point for determining future staffing needs. The key to zero-base forecasting is a thorough analysis of human resource needs.
How does forecasting relate to one's decision about education?
Forecasting can help individuals make informed decisions about their education by providing insights into future economic trends, skills in demand, and job opportunities. By utilizing forecasting data, individuals can align their education and training with future market needs, increasing the likelihood of successful career outcomes.
Discuss the shortcomings of the percent of sales method of financial forecasting?
The percent of sales method of forecasting needs to based on a series of assumptions, and the forecasting would heavily relay on the percent of sales as the key tool for forecasting. Furthermore, the percentage of sales for the next period cannot prevent the forecasting result from the expectations of the investors.
What is the difference between budget and cash?
Budget is forecasting future cash needs and cash is most liquid form of money at present.
What is curriculum forecasting?
Curriculum forecasting is a process where educational institutions predict and plan for future trends, needs, and developments in curriculum design and delivery. It involves analyzing data, research, and input from stakeholders to inform decision-making about what should be included in the curriculum to prepare students for the future.
What are Human Resource Forecasting?
Forecasting human resource demand is the process of estimating the future human resource requirement of right quality and right number. As discussed earlier, potential human resource requirement is to be estimated keeping in view the organization's plans over a given period of time. Analysis of employment trends; replacement needs of employees due to death, resignations, retirement termination; productivity of employees; growth and expansion of organization; absenteeism and labor turnover are the relevant factors for human resourced forecasting. Demand forecasting is affected by a number of external and internal factors.
In a small business how might the future human resources needs be determined?
Managers generally use forecasting to determine human resource needs. This helps them prepare for busy seasons like holidays when they will need more people.
What is Short term forecasting?
Short term forecasting involves predicting future events or trends over a relatively short time horizon, typically up to one year. It is useful for businesses to make decisions based on immediate needs, such as inventory management, resource allocation, and production scheduling. Short term forecasting relies on recent data and current trends to make accurate predictions quickly.
How does an organization identify current and future information needs and incorporate modification in to collection and reporting processes?
Smart organization utilize forecasting predict future event so that they can prepare and innovate ahead of time.Forecasting means to plan in advance; to make predictions or statements regarding possible or probable future conditions.It is the foundation upon which strategic management is built and can be used to develop assumption around which future goals, objectives, budget and plans are built.By planning and managing effective data collection organization utilize forecasting to build sustainability into their current and future business activities.
What is staffing table approach in human resource forecasting?
Staffing tables are graphic representations of all organizational jobs, along with the numbers of employees currently occupying those jobs and future (monthly or yearly) employment requirements, which can be derived from demand forecasts.
What Baltimore law firms handle divorce cases at a reasonable price?
You can compare law firms on the internet. Findlaw.com and Lawyers.com are great resources for researching any legal needs.
Who uses population pyramids?
Population pyramids are commonly used by demographers, policymakers, and researchers to visually represent the age and sex distribution of a population. They help in understanding population trends, forecasting future population changes, and planning for the social and economic needs of a population, such as healthcare, education, and social services.
