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it is important they set budgets because they could easily need more than they can pay.

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11y ago

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Why organizations set budgets?

They need to have a budget because they have to know how much money will be needed on the plan


Why do costs need to be controlled and Why is it important to monitor budgets?

Costs need to be controlled because your costs cannot exceed your budget or you will have a negative balance; thus you would not be making any money. you also need to monitor your budgets as your budget always needs to be more than your costs or your business will go out of business.


What are the Disadvantages of controlling costs and budgets in a business?

no


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So they don't run out of cash.


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What are the benefits of revising business plan each year?

Since you set predictions, budgets, benchmarks and evaluation tools for your business, you can see, if the assessments you had a year ago go hand in hand with reality. If not, the business plan review enables you to find the non-functioning aspects and change them.


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How managing resources and controlling budgets can improve the performance of a business?

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A.W Willsmore has written: 'Business budgets and budgetary control' -- subject(s): Budget in business