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- Clearly define responsibility centres
- Appropriate control periods should be established
- Budgets and standards should be frequently reviewed and actual results are compared with appropriate standards
- Actual results should be compared with ex-post standards
- A suitable system for measuring and collecting control information should be established
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∙ 13y ago
An effective budget and budgetary control system requires clear and specific goals and objectives, accurate and reliable financial information, regular monitoring and evaluation of actual performance against budgeted targets, and timely and appropriate corrective actions. It also requires active engagement and participation of all stakeholders, effective communication and coordination, and a culture of accountability and responsibility throughout the organization.
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Define management explain its nature and scope in management?
Management is the process of coordinating and overseeing the activities of individuals within an organization to achieve defined objectives. Its nature includes planning, organizing, leading, and controlling resources to achieve organizational goals. The scope of management covers various functions such as human resource management, financial management, operations management, and strategic management to ensure effectiveness and efficiency in the organization.
What information is required before one could start planning a project?
Before starting a project, you need to have a clear understanding of the project objectives, scope, timeline, budget, stakeholders, resources, and potential risks. It is also important to identify key team members, establish communication channels, and determine the project management approach that will be used.
What are three internal databases that should be included in a university data warehouse?
Student Information System (SIS) - for storing student records, course enrollment, grades, and academic history. Human Resources Information System (HRIS) - for managing employee data, payroll information, and benefits. Financial System - for budget tracking, expenses, revenue, and procurement data.
How much does a cissp course cost?
The cost of a CISSP course can vary depending on the provider, location, format (online vs in-person), and additional study materials included. On average, a CISSP course can range from $500 to $3,000. It's advisable to research different options and compare prices to find the best fit for your budget and learning needs.
What considerations do designers need to get information about before making a dicision?
Designers should gather information about the target audience, project goals, budget constraints, technical requirements, and any brand guidelines or design principles that need to be adhered to before making a decision. Understanding these considerations can help ensure that the design solution meets the needs and expectations of stakeholders.
What is a budget report used for?
1.Budget helps to know the future results, 2.budgetary control technique helps to compare the estimated results with actual results. 3.budgeting focuses on standards or objectives. 4.budget helps subordinates to to compare their performance with budgetary standards and can do self appraisal. 5.through budgeting managers can allocate resources to departments according to their budgetary allocation. 6.budget help to improve coordination between various departments. 7.budgetary control helps to use the principle of management by exception by giving more attention to departments where actual operations and target deviate from budgetary standards.
What has the author Walter Rautenstrauch written?
Walter Rautenstrauch has written: 'Budgetary control' -- subject(s): Budget in business
What is the adjective form for budget?
Budgetary is the adjective form for budget.
What has the author AW Willsmore written?
A.W Willsmore has written: 'Business budgets and budgetary control' -- subject(s): Budget in business
What has the author Robert George Alfred Boland written?
Robert George Alfred Boland has written: 'Budgetary control' -- subject(s): Budget in business
What is a problem of budgetary slack?
may create a flexible budget
Explain the importance of budgetary control in any business?
as this quetions is related to budh«gets, I will start by explaining what a budgets is and then the importance of controlling it. A budget is a Plan which show how much money will be needed by a business and how that money will be used during a certain period. A budgetary control is process of comapring the actual expenditure with the budget amount for a certain periods. the diferences between them are called discrepancy or varinaces. Each department within a business is a llocated a budget and the concerned manager may possibly be held reponsible for any discrepancy on the budget. the discrepancy can be favourable or unfavourable but to ascertain wheter the discrepancy is favourable or not others aspects need to be taken into consideration. Budgetary control is importante in the sense that it allows to make sure that
Characterstics and essentials requirements of good budgetary control system?
Essentials of budgetary control:1) Establishment of budgets for each function and section of the organisation.2) Continuous comparison of the actual performance with that of the budget so as to know the variations from budget and placing the responsibility of executives for failure to achieve the desires results as given in the budget.3) Taking suitable remedial action to achieve the desired objective if there is a variation of the actual performance from the budgeted performance.4) Revision of budgets in the light of changed circumstances.
Which agency provides congress with information for making budgetary decisions?
The Congressional Budget Office (CBO) provides Congress with information and analysis for making budgetary decisions.
What is budgetary requirements?
Comparing actual result to that of the budget so as to correct significant variances
Who is responsible for supervising preparation of the federal budget and advising the president on budgetary matters?
omb
Why was the congressional budget office created in 1974?
The 1974 Congressional Budget and Impoundment Control Act modified the role of Congress in the federal budgetary process. It created standing budget committees in both the House and the Senate, established the Congressional Budget Office, and moved the beginning of the fiscal year from July 1 to October 1.
