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What is advantages of fixed budgets?
A fixed budget will help businesses manage finances. With a fixed budget managers will not have the ability to spend extra funds.
Why budget is prepared?
Budget helps to aid the planning of actual operations by forcing managers to consider how the conditions might change and what steps should be taken now and by encouraging managers to consider problems before they arise. It also helps co-ordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. Other essentials of budget include:To control resourcesTo communicate plans to various responsibility center managers.To motivate managers to strive to achieve budget goals.To evaluate the performance of managersTo provide visibility into the company's performance
How budget assumptions and parameters can be used by managers in controlling the budget?
Budget assumptions and parameters provide a framework for managers to evaluate financial performance and make informed decisions. By establishing expected revenues, costs, and economic conditions, managers can set realistic targets and assess variances between actual and budgeted figures. This helps in identifying areas that require corrective action, ensuring resources are allocated efficiently. Ultimately, these assumptions guide strategic planning and operational adjustments to achieve financial goals.
By representing the budget and schedule associated with each task the Performance Measurement Baseline (PMB) allows program managers to?
compare the value of work performed to actual costs
Financial managers budget for unforeseen changes and improvements in information technology that require large capital outlays?
This helps them to stay up to date. It also prevents any surprises with money shortages coming up later.
What is Dell target market?
Businesses The target market in Dell focused on individual users with low budgets whom appreciate the technology rather than focusing only on the executives and managers with no budget limitations
How are senior managers personally involved in HSE managemen?
Senior managers overseeing the whole project, approving budget for HSE aspects.
How is budget committee and budget manual related?
Budget committee comprise top managers who draft budget manual and budger calendar, and also review and approve budget for operational departments.
Advantage of rolling budget?
A rolling budget helps mask overspending. With a rolling budget, managers and employees can correct spending problems on a daily basis.
How much does a restaurant general managers?
Restaurant general managers' duties are payroll, accounting, and maintain the restaurant budget. Restaurant general managers average a salary of $49,000 per year.
What is advantages of fixed budgets?
A fixed budget will help businesses manage finances. With a fixed budget managers will not have the ability to spend extra funds.
Why budget is prepared?
Budget helps to aid the planning of actual operations by forcing managers to consider how the conditions might change and what steps should be taken now and by encouraging managers to consider problems before they arise. It also helps co-ordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. Other essentials of budget include:To control resourcesTo communicate plans to various responsibility center managers.To motivate managers to strive to achieve budget goals.To evaluate the performance of managersTo provide visibility into the company's performance
What should be used in an organization's budget program?
To help managers plan and control the organizations performance
List three factors that affect budget resource allocation decisions of managers provide appropriate examples for each of these three factors?
List three factors that affect budget resource allocation decisions of managers provide appropriate examples for each of these three factors?
What is budget limitations and give three?
Budget limitations refer to the constraints placed on spending and financial resources, often due to a fixed income or predetermined financial plan. These limitations can restrict an individual's or organization's ability to allocate funds for various needs and priorities. Three common examples of budget limitations include: 1) a cap on discretionary spending, which limits funds available for non-essential expenses; 2) fixed costs like rent or mortgage payments that consume a significant portion of the budget; and 3) unexpected expenses, such as medical emergencies, that can strain financial resources.
Are project managers responsible for budget requirements?
Yes & No. The Project Manager is responsible for running the project within budget but the overall project budget is allocated by the Senior Management or in some cases the Customer. The project manager works on the budget given to him and then manages the project in a way that he is within budget
Are project managers needed for the upcoming initiative?
Yes, project managers are essential for the upcoming initiative to ensure successful planning, execution, and completion of tasks within the specified timeline and budget.
