managing-budgets

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Unformatted text preview: ople, that you have for your project may affect your time needs as well. If you have two well-qualified people on your team, they may be able to do the same work as four un-qualified people. So consider being willing to pay a higher price for support if it will save time in the long run. On the other hand, if you aren’t concerned about the amount of time it takes to get the project done, you could hire cheaper, unqualified help. Of course, this poses a risk to the quality outcome as well. 8.4.4 Assumptions As you write your project budget, you will also need to identify your assumptions. These are the ideas and concepts that you have taken for granted when you have been developing the budget. Making a wrong assumption can lead to an inaccurate budget. For example, if the Widget 2000 is your main product, your assumptions might include that the organization intends to maintain the product line throughout the life of the budget. To determine some of your assumptions, you might need to ask yourself questions such as: What have I assumed will change? What have I assumed will stay the same? What agreement from other parties have I assumed that I have? What suppliers, vendors, consultants, or other outside support have I assumed will be available and affordable? What time have I assumed would be available from the staff that I need? What exceptions to existing processes, rules, or procedures have I assumed would be made for this project or the process of implementing it? Download free ebooks at bookboon.com 51 References Managing Budgets 9. References AllYouNeedToKnowGuides.com. All You Need to Know about Commercial Awareness. http://www.allyouneedtoknowguides.com/commerce_samples.htm Bellis, Mary. What Are the Elements of a Marketing Plan? http://inventors.about.com/od/licensingmarketing/f/Marketing_eleme.htm Dummies.com. Deciding between Cash Basis and Accrual Accounting. http://www.dummies.com/how-to/content/deciding-between-cashbasis-and-accrual-accounting.html Investorwords.com. Various definitions. ManagementHelp.org. Basic Guide to Financial Management in For-Profits http://managementhelp.org/finance/fp_fnce/fp_fnce.htm McIntosh, M.H. How to Determine Your Marketing Budget and Get It Approved. http://www.sales-lead-experts.com/tips/articles/marketing-budget.cfm Please click the advert Are you considering a European business degree? LEARN BUSINESS at univers ity level. We mix cases with cutting edg e research working individual ly or in teams and everyone speaks English. Bring back valuable knowle dge and experience to boost your care er. MEET a culture of new foods, music and traditions and a new way of studying business in a safe, clean environment – in the middle of Copenhagen, Denmark. See what we look like and how we work on cbs.dk 52 ENGAGE in extra-curricular acti vities such as case competitions, sports, etc. – make new friends am ong cbs’ 18,000 students from more than 80 countries....
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This note was uploaded on 06/07/2013 for the course BA 201 taught by Professor Cuongvu during the Fall '13 term at RMIT Vietnam.

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