Tutorial 6 - Planning.docx - 22421 Management Decisions and Control Student guide Topic Jenny Ngo(13220049 Planning Key concepts Weekly objectives Why

Tutorial 6 - Planning.docx - 22421 Management Decisions and...

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22421: Management Decisions and Control - Student guide Jenny Ngo (13220049) Topic: Planning Key concepts - Why plan ahead? - Using PMS for planning - Zero-based and incremental budgeting - Forecasting and target setting Weekly objectives: For students to be able to: - Understand how accounting information is produced and used to support organisational planning. - Identify and interrogate the assumptions within a budget Readings: Chapter 9 in Langfield Smith Textbook Case study: Royal Wessanen NV Barrett and Fraser (1977) “Conflicting Roles in Budgeting for Operations”, Harvard Business Review Recommended readings: Deloitte report: Zero-based budgeting: Zero or Hero? Revision questions 1. Imagine a company that sells luxury ski packages to various locations such as Japan, Canada and New Zealand. What sort of factors should they consider to improve the accuracy of their annual sales forecasts? 2. What is meant by top-down budgeting and bottom up budgeting? 3. What are the advantages and disadvantages of participative budgeting? 4. What are the advantages of zero-based budgeting? 5. Barrett and Fraser state argue that budgets are valuable in planning because they force management to examine the both the general economic situation of which the company is part and the economic interrelationships among the company’s various activities. How exactly do budgets do this? How does this occur?
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