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What are the practises of budget planning and management?

Wittyjayne ∙

Lvl 1

∙ 12y ago

Updated: 11/6/2022

"What are the practices of budget planning and management?"Budget planning, whether it is done by an individual or by a business enterprise, involves the setting of targets for income and expenses in such a way as to achieve set financial objectives. The first step a company will take in planning is to establish its current financial condition. It then conducts an analysis of its environment, including the external environment such as the political, economic and technological situations, as well as the conditions of the market and competition; and also its internal environment relating to its performance, people, infrastructure, service delivery, and its customers. A SWOT analysis is also done through which the company identifies its strengths, weaknesses, opportunities and threats. Having identified its current condition and objectives and have seen the possibilities highlighted by the detailed analyses, the company now formulates strategies to produce the desired objectives.

Management of the budget involves implementation of the strategies that have been decided on, and the application of control mechanisms such as measuring and monitoring on specified dates and frequency, taking corrective action where necessary, to ensure projected results are achieved.

Wiki User

∙ 12y ago

What else can I help you with?

If Lisa must adjust her budget to save for a new washer and dryer what is this an example of?

Budget planning Budget forecasting Budget management A prudent way to approach life.

What are the objectives of cost management?

Cost management is the process of planning and controlling the budget of a business. Cost management is a form of management accounting that allows a business to predict impending expenditures to help reduce the chance of going over budget.

What is financial planning and control?

Financial planning and control is money management. It is the process of appropriating money and ensuring that one remains within a budget.

What the purpose of financial management?

The purpose of financial management is to ensure that money is managed in the right manner. This includes having a budget and planning for how the funds received will be utilized.

What are the aims of the national budget?

The main aim of the national budget is basically for planning and financial management. It help countries put their priorities right and deliver services to its residents.

What is the purpose of creating a budget and how can it help with financial planning and management?

The purpose of creating a budget is to plan and track your income and expenses. It helps with financial planning and management by allowing you to set financial goals, prioritize spending, and track progress towards those goals. A budget can also help identify areas where you can save money and make informed decisions about your finances.

What are te aims of the national budget?

The main aim of the national budget is basically for planning and financial management. It help countries put their priorities right and deliver services to its residents.

When was Planning the Low-Budget Film created?

Planning the Low-Budget Film was created in 2006.

What is the abbreviation of department of budget and management?

OMB (Office of Management and Budget)

What meaning Pervasive of Planning?

Planning is found at all levels of management. Top management looks after strategic planning. Middle management is in charge of administrative planning. Lower management has to concentrate on operational planning.

What does our sales are 50k adverse to budget mean?

It means that actual sales are 50K less then what set by management budgeted at planning or budgeting stage.

Which office of the EOP is responsible for publishing the president's budget?

(Office of Management and Budget)

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