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Budgeting and Forecasting
Budgeting and forecasting are business processes essential to a company’s operations. Budgeting involves planning for revenues and expenses. Forecasting is a method of predicting trends based on historical and current events.
1,416 Questions
How are state budgets different from federal budgets?
State budgets are, by nature, smaller than the Federal budget and are much more specific in their outlay. Federal budget are huge and have a proportionate amount of paperwork associated in providing for the good of the nation.
What is an example of an inadequate budget control system?
exlpain translates strategic plans into department action
What is the variable production cost per unit if production is 3000 units and total cost is 6750?
2.25 por unidades
How to calculate maximum inventory level?
Determined the RRT (Reliable Replenishment Time) which was basically, production cycle time + transit + order entry + some kind of pad (if it was shipping rail we'd put in a 7_10 day pad) by truck maybe a 3 day pad. What ever the sales were (that we could expect a majority of the time) for that RRT was what we made the max inventory level.
When designing a costing system it is easiest to calculate total cost first and then per unit cost?
b
What type of budgeting requires each manager to justify an entire budget request in detail?
Zero-base budgeting
What is indigenous knowledge systems?
Indigenous knowledge systems (IKS) refer to the complex set of knowledge, skills and technologies existing and developed around specific conditions of populations and communities indigenous to a particular geographic area. IKS constitute the knowledge that people in a given community have developed over time, and continue to develop. It is the basis for agriculture, food preparation, health care, education and training, environmental conservation, and a host of other activities. Indigenous knowledge is embedded in community practices, institutions, relationships and rituals. Herbal medicine is a good example of indigenous knowledge, which has affected the lives of people worldwide. Indigenous knowledge provides the basis for problem-solving strategies for local communities. It represents an important component of global knowledge of development issues. It is often an under-utilized resource in the development process. A key reason for the under-utilization of indigenous knowledge in the development process is the lack of guidelines for recording, codifying and applying such knowledge An understanding is required of indigenous knowledge and its role in community life from an integrated perspective that includes both spiritual and material aspects of a society as well as the complex relation between them. At the same time, it is necessary to understand and to explore the potential contribution of indigenous knowledge to local and national development. It is also necessary to protect, preserve and utilize indigenous knowledge to benefit its owners and the communities where it is practiced. And that such protection, preservation and utilization process requires carefully thought-out research and deliberate effort.
What are the types of the budget in public health?
Budgets can be classified according to Time, Function, and Flexibility.
ACCORDING TO TIME:
1. Long Term Budget
2. Short Term Budget
3. Current Budget
4. Rolling budget
ACCORDING TO FUNCTION:
1. Sales Budget
2. Production Budget
3. Cost of Production Budget
4. Purchase Budget
5. Personnel budget
6. R & D Budget
7. Capital Expenditure Budget
8. Cash Budget
9. Master Budget
ACCORDING TO FLEXIBILITY:
1. Fixed Budget
2. Flexible Budget
What is the alpha factor in regard to forecasting?
The alpha factor (a fraction between 0 and 1) is used to determine how much of the previous smoothed estimate will be used and how much of the current seasonal adjusted demand is used to produce the new Smoothed Estimate (ED). Example: if the alpha factor is 0.8, then 20% of the previous period smoothed estimate is combined with 80% of the seasonal adjusted demand to give the new smoothed estimate. Compute the forecast statistic for first order smoothing using the alpha factor selected for the item, forecast alpha = (L - Low, M - Medium, H - High). Estimated Demand 1 = (1 - alpha factor) * old cur_est_dem_1 + SAD * alpha factor. So if the old estimated demand is 90 and the selected alpha factor is .5 then:
ED 1 = (1-.5)*90+(107.147*.5) = 98.5735
Hope This Helps!!!
What does externalising costs of production mean?
externalising costs of production means to move product out from your company to sub contractor (other companies) and pay then to do the job. In many cases large manufacturing companies (like car manufacturers) will find engineering companies to make may of the parts i.e. the nuts and bolds used to hold body work together rather than did it them selves because if they need to slim down the production they just done order so mush and save money if it were created in the business they would still have plant, machinery and staff standing idle but still having to pay
What are 5 rs in Materials management?
- Right quality
- right quantity
- right place
- right time
- right price
rethink
reduce
rebuy
reuse
recycle
Technology that is characterized by high initial cost and low operating costs is termed?
capital-intensive.
Which cost will change with a decrease in activity within relevant range?
unit fixed costs and total variable cost
How is the flexible budget information used to evaluate performance?
The flexible budget report can be used to evaluate performance in two areas: production control and cost control.
What is the disadvantage of budgeting?
Distortion is caused by cash budgets. Influence of non-financial factors will also affect the final decisions when it comes to cash budgets. Cash budgets are vulnerable to manipulations. The major disadvantage is that cash budget relies on estimates.
What is budget review process?
it is a process to put a budget in place. it involves planning and forecasting, implementing, monitoring and controlling, and finally evaluating the budget.
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Is vernon street capital a scam?
It is a business that will teach you everything you need to get into the finance business. They provide a detailed understanding of what is needed to get started as well as how to run your business on a day to day basis. The training includes the required licensing that is needed to do residential loans. They will teach you how to find customers, the programs that are available, and how to pre-qualify a customer. They will also teach you how to broker commercial loans and business loans yourself. Most states do not require a license for these products so you can broker them yourself. They also provide on going support which has been very helpful. We are very happy with our experience with this company.
