Chapter_9 - Chapter 9: Budgeting, planning and control l l...

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Chapter 9: Budgeting, planning and control l Why do we budget? l Forecasting l The budget process l Performance evaluation and control l Motivation and the behaviour aspects of budgeting l Standard costing l Flexed budgets l Variance analysis l The reason for variances
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Why do we budget? (1) l The broad picture of planning and control includes: l Budgeting l Strategic planning l Management control l Operational control
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Why do we budget? (2) The process includes: - planning and control - co-ordination - communication - motivation and alignment of individual and firm goals - evaluation of performance - one part of strategic planning The process of deciding on: - the objectives of the organization - changes in these objectives - the resources used to obtain these objectives - the policies will be applied Budgeting Strategic planning
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Why do we budget? (3) This is concerned with day-to- day activities of organization, and is the process of assuring that specific tasks are carried out effectively and efficiently. The process by which managers assure that resources are obtained and used effectively and efficiently in the accomplishment of the firm’s objectives Operational control Management control
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The Strategic Planning Process The Strategic Planning Process
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SWOT analysis (1) Threats Opportunities Weaknesses Strengths
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SWOT analysis (2)
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The Strategic Planning Relationship With Budgeting The Strategic Planning Relationship With Budgeting
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Forecasting (1) l Forecasts are not budget but predictions of future environment, event, and outcomes l Forecasting is required in order to prepare budgets l Forecasting starts with: l Projected sale volume l Market share of current and new products
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This note was uploaded on 09/14/2010 for the course ACCOUNTING 311 taught by Professor Peter during the Summer '10 term at St. Louis CC.

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Chapter_9 - Chapter 9: Budgeting, planning and control l l...

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