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Define budget and budgeting discuss its utility and limitation?
It is a financial plan for how an organization will receive and spend money. The utility is that it allows performance evaluation of the managers while its limitation is that it does not give the employee the morale to work.
How zero-based budgeting may assist in budgeting plainning and control?
Zero budgeting assumes that unlike the traditional budgeting system, there are no "givens". By implication, the idea of using what happened last year as the starting figure for allocation does not arise. Every activity must justify afresh (as if it never existed) and merit any resource allocation to it. This provides an incentive to managers to be focussed in their planning, and goal oriented in their budgeting. Also, that managers are forced to plan, performance evaluation and control become easier . Submitted by DURODOLA VICTOR O Nigeria
Why is it important for business managers to be familiar with time value of money concepts?
Understanding the time value of money (TVM) is crucial for business managers as it helps them evaluate the profitability of investments, make informed financial decisions, and optimize cash flow management. Familiarity with TVM concepts enables managers to assess the future value of cash flows, calculate present value, and determine the appropriate discount rates, which are essential for budgeting and strategic planning. This knowledge ultimately aids in maximizing returns and minimizing risks, contributing to the overall financial health of the organization.
Why it is important for the managers to understand macroeconomics?
Business managers need to know about macroeconomics because firms operate in and are influenced by the behavior of the overall economy. Factors such as interest rates, employment, inflation, money supply, etc., affect the business environment and financial conditions in general, so firms must address macroeconomic issues in their planning and management strategy. Macroeconomic forecasts and strategies are more important for large firms than for small businesses.
What are the managerial uses of cost function?
Cost functions are essential for managerial decision-making as they help in budgeting, pricing, and financial forecasting. By analyzing cost behavior, managers can identify fixed and variable costs, enabling them to make informed production and operational decisions. Additionally, cost functions assist in break-even analysis, helping managers understand the sales volume needed to cover costs and achieve profitability. Overall, they provide valuable insights for strategic planning and resource allocation.
Why capital budgeting decision very crucial for finance managers?
why capital budgeting decisions are very crucial
Should financial managers concentrate strictly on cash flow?
financial managers
Why manager reluctant to participate in budgeting?
Some managers are reluctant to participate in budgeting because they do not like to discuss financial matters. They may also feel like developing a budget stops flexibility in an organization. Some want to control all the money without any restraints.
Why manager reluctant to participate fully in budgeting?
Managers may be reluctant to participate fully in budgeting due to a lack of time and resources, which can make the process seem burdensome. Additionally, they might feel that their input won't significantly influence the final budget or that the budgeting process is too rigid, limiting their ability to adapt to changing circumstances. Fear of accountability for budget variances can also discourage active involvement, as managers may worry about the repercussions of not meeting financial targets.
How do managers use budgeting within the e-marketing process planning?
Managers use budgeting in the e-marketing process planning to allocate resources effectively, ensuring that funds are directed toward high-impact digital channels and campaigns. By setting a budget, they can prioritize marketing initiatives, track performance against financial goals, and make data-driven decisions. This financial framework also helps in forecasting returns on investment and adjusting strategies in response to market trends and consumer behavior. Overall, budgeting serves as a critical tool for maximizing the efficiency and effectiveness of e-marketing efforts.
When was Institute of Professional Financial Managers created?
Institute of Professional Financial Managers was created in 1992.
Who are the managers of Capita Financial?
Capita Financial is a company that provides financial services to industry. Currently the Capita Financial is managed by the Capita managers in the UK.
Define budget and budgeting discuss its utility and limitation?
It is a financial plan for how an organization will receive and spend money. The utility is that it allows performance evaluation of the managers while its limitation is that it does not give the employee the morale to work.
For what jobs would one require financial software on their computer?
Financial software is useful for many different jobs. This type of software offers budgeting, banking, planning, investing, taxes and reports that will graph any of this information. Financial Agents, Brokers, Insurance Agents, Real Estate Agents, Financial Managers, Accountants are just some of the many jobs that require financial software.
Why do managers fear budgeting?
Many find that budgets are difficult to maintain and can bring addition stress
How will managers use financial information to predict outcomes for business?
How will managers use financial information to predict outcomes for business?
Who is financial manager main duty of financial manager?
The main duty of a financial manager is to oversee an organization's financial health by managing its finances, including budgeting, forecasting, and investment strategies. They analyze financial data to inform strategic decisions, ensure compliance with regulations, and optimize financial performance. Additionally, financial managers often play a key role in securing funding and managing risk to support the company's long-term goals.
