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What Product of the what phase is to submit a balanced President's Budget?

Budget & Execution


What is 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 are the functions of a budget?

From a stakeholders point of view a budget is a statement in dollars of an individual's or organization's objectives and priorities. From a financial point of view a budget is planning tool of the cash flow of individual or organization, by stating for a given period of time, and in some level of detail what are going to be the spendings and the income sources. From a managment point of view a budget is a tool of control and discipline by allocation of financial resources according to a plan and by tracking budget execution.


What is the importance of completing step 4c on week 4 of the project plan?

Completing step 4c on week 4 of the project plan is important because it helps ensure that tasks are progressing according to schedule and that any potential issues are identified and addressed promptly. This step allows for tracking and monitoring of project milestones, helping to keep the project on track and within budget.


What is the role of a budget committee?

The role of the budget committee is to help create a federal budget and oversee that budget. They prepare the budget resolution and review budget related laws and bills.