For example, the sales department and the production department interact with each other to decide on the number of units to be produced. The same is true for production and HR department in context of planning the human resource as per the production budget.
Performance evaluation and learning: The budget is often considered to be the benchmark based on which different departments are evaluated. While evaluating the variance between budgeted and actual performance, the data collected are considered for evaluating the performance of the company.
Statistics budget assists in estimating the revenue and expense budget that finally helps in developing budgeted financial statements. Basically, statistical budget is used to measure the activity or workload prevailing in each department (Cleverley, et al., 2010, p.361).
The statistics budget is based on historical data where simple time series technique is used to make assumption for the future. This makes the budget a rigid one that fails to adjust with the changing market condition. However, if the historical data is absent, the management cannot implement such budget and other budgets like zero based budgets are used as substitutes. In unstable market condition, flexible budget or rolling budget is considered to be more appropriate. Sometimes activity based budget (ABB) is used to determine the cost associated with different activities.
The previous organisation I worked with was a medium sized company where the management was more inclined to traditional management tactics. Each year, all the department heads were asked to prepare budget for their own organisation. These budgets were compiled to formulate the master budget for that respective financial year.
Initially the marketing department provided forecast for the next financial year. The ground level employees working in ...
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