Unit 2 M4 Business

This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).

Budgets should not be a managers task only. The whole organization should be involved in the budgeting process.

Since 2012 there has been 3 cases of adolescent suicide in Hillsborough County linked to bullying via cyber or face to face bullying. The most recent case was in 2015, a shuttering story that shook many families, and teens in our county. These cases could all have been prevented if caught early, and treated with the correct care of a guardian or administration. For this recommendation report I chose a middle, high school to research their anti- bullying rules, and ask if they could implement my ideas. As a whole Hillsborough County has a zero tolerance rule against bullying, but are they implementing action to keep this zero tolerance rule?

In this final section I will evaluate how managing resources and controlling budgets can improve the performance of a business.

Unit 5004 - Resource management  Introduction This unit is about being able to identify the different types of resources available to managers, select and plan for their use, and monitor and review their effectiveness in the pursuit of organisational objectives. Scenario Learners may use their own employment context, or that of another organisation with which they are very familiar, to base their assignment. However, in the case that they are not able to do so, please use the below scenario- If you will be using a scenario please select and research an organisation of your choice and identify a department within the organisation. Imagine you manage 6 staff within the department and have a range of human, physical and financial resources

A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496) The budget is a method in which to reign-in discretionary spending, and will likely show variances between what costs have been anticipated and what costs are actually incurred.

In this report I will evaluate how managing resources and controlling budget costs can improve the performance of a business.

Most entities and organization create budgets as a guide for controlling its spending, prediction of profit, and it expenditure as they progress toward a set goal. Budget involves pulling resources together to achieve a specific goal. According to Gapenski (2006), budgeting is an offshoot in a planning process. A basic managerial accounting tool use in holding planning and control functions together is referred to as set of budgets (p. 255). One major setback manager or budget developer encounter is trying to design a future, a process that cannot be created with the precision just right. This article highlights some financial management

Budgetary control is part of overall organisation control and is concerned primarily with the control of performance. The use of budgetary control in performance management has of late taken on greater importance especially as a more integrative control mechanism for the organisation. Discuss.

Playing the role of the budget agency head/director is not an easy task. Budgeting process involves a variety of actors whom their individual demands must be considered in the when making a budget request. Sometimes these actors

The word “budget” is derived from an old French word “bougette”, which has the meaning of that of purse (The Guardian, 2004). It is also defined as “the quantitative expression of a plan of action and an aid to the coordination and implementation of the plan” (Bhimani et al., 2013). These days, budget is essentially used in almost every organization as an aid of measurements when setting the organization’s objectives and targets. Its use has allowed managers to bring about the objectives of the business in quantitative terms, usually on an annual basis, with a financial means of expression. Budgetary control on the other hand, is narrated as “a system of management control in which actual income and spending are compared with planned income and spending, so that you can see if plans are being followed and if those plans need to be changed in order to make a profit” (Financial Times Lexicon, 2015) and has in recent times played a greater role in performance management. At the same time, relationship between corporations and the capital market is on a rise, and has since resulted in many complications. This essay aims to identify and describe the merits of budgetary control, and at the same time, analyses the shortcomings in relation to the capital market.

Budgets are a detailed set of financial plans of an organization for its future. However, budgets are more than a mere numerical expression; budgets are used for planning and control. For an organization, budgets serve to provide a goal and the gather feedback as to the execution of and the modification of those goals. Budgets can provide the basis for deciding whether to undertake a capital improvement project, to hire additional staff, or to borrow from a financial institution. The budget will “communicate management’s plan throughout the organization, allow members to coordinate plans, serve as benchmarks and allocate resources where it will be more beneficial (Noreen, 369) ---REWORD

A “budget” is a “financial plan reflecting the business strategy and represents a more structured way of communicating it to the team”. The process by which a budget is built and agreed within an organisation is called “budgeting process” or “budgeting cycle”, that represents one of the most important financial planning tools. “This cycle always starts with a vision or a goal, based on which the approach to be used is chosen. The next step is the elaboration of the budget itself by allocating the right resources in the right place. It is very important to keep track of it (the sooner a variance is spotted, the better, as more time is available to understand it). The last stage is the evaluation process which should lead to future improvements”.

Budget forms a broader part in the planning process. Among the key functions of a budget are; setting business objectives, assessing alternative plans, monitoring outcomes and are redefining the company's objectives and plans. When a company has a comprehensive budget it means that it has a formal and overall plan which contrasts the intuitive approach to operations. Budgets are often prepared for a period of one year although in some cases it can be shorter or longer. Normally in a budget the management is answerable only for variations that are under their control although the whole budget is their sole responsibility. Failure to achieve the target sales because of high levels of sales return may or may not be the fault of the sales department alone Gowthorpe (2005)

Budget and budgetary control practices are undeniably indispensable as organizations routinely go about their business activities and operations. These organizations are constantly on the alert on how actual levels of performance agree with planned or budgeted performance. A budget expresses a plan in monetary terms. It is prepared and approved prior to a particular budgeted period and explicitly may show the income, expenditure and the capital to be employed by organizations in achieving their goals and objectives.