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Budgets - Assignment Example

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Budgets

Operational review enables the company to compare its current data with the past. By looking at the past trend and history of the company the company will establish its position in comparison with the past. Financial ratio technique enable the company to take current financial statement apply mathematical formulas to it and then coming up with a metric. Once financial ratios are applied in other companies then it becomes possible to compare one company to another. Financial ratio technique is the best because it enables a small company to compare itself with a bigger company (Platen & Heath, 2009). Financial ratio also makes it possible for companies that are equal in both size and capacity to compare their performance. Operational review will not be giving a company its true positions in the market because the company will not compare itself with others. 2 If the workload required to keep business fully in operation is not estimated correctly, this will drastically reduce the value of operating budget because before making any budget proposal one is first required to estimating the workload required to accomplish its activities so as to determine the budget allocation (Platen & Heath, 2009). ...
the task of allocating funds to the operation of various departments or sections within the company organization, and thus making sure each area has what it needs to manage its assigned tasks efficiently Rigidity reduce the value of operating budget, operating budget ought to be adjusted from time to time because more often there are surprises within organizations. Changes should be allowed to be made to the budget because frequently there are shifts in the amount of revenues generated. At some point in the middle of the business there could be adjustments in regard to projected changes in consumer demand. 3 Time: How long will it take to implement a project right from its initial stage until its completion? This includes the time taken by staffs. It is the number of hours and days that a project or program take before its impact is recognized. A project that takes the shortest time to be completed is given a score of 5. The faster the project is the lesser the resources that will be used (Hope & Fraser, 2003). Every initiator or overseer of a project should ensure that he takes time seriously because time is of essence. If the project was intended for specific population within a specific time delay will render that project useless because it will no longer serve its intended purpose. Impact: The changes in a situation that results from the combined effects of project activities, or the extent to which the goal are achieved. Impact also refers to any unintended positive or negative changes that arise from a project completion. If project have a great impact it means that it is successful. A project with greatest impact is given a score of 5. For a project to be rated successful its impact must be felt across the board (Hope & Fraser, 2003). In the course of executing ...Show more

Summary

Budgets Name College Course Date 1 Finance benchmarking is the process where a company compares itself with another in order to access its performance in reference to the other company used as a benchmark (Platen & Heath, 2009). By so doing, the company will be able to identify areas that need to be improved and those tasks that are wasting a lot of companies’ capital to be completed…
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