ADMINISTERING THE BUDGET A budget is a written financial plan for business operations developed for a specific period of time. Budgets are often developed for six months or a year but can cover a longer or shorter time period depending on the type of budget and the nature of the business. Because a budget is an estimate of what might happen‚ it usually cannot be followed exactly. Staying close to the amount budgeted is desirable. However‚ for various reasons beyond the control of managers‚ actual income
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LABOR COST VARIANCE CAN BE SPLIT INTO • Direct labor rate variance (P) Calculation: actual total labor costs - (total actual labor hours worked x budgeted labor hour rate) Interpretation: calculates the portion of labor costs variance driven by the changed labor rate per hour Possible reasons for variances: changes in staff qualification and skills‚ general increase of wages in economy‚ premiums paid to finish a job quickly‚ poor budgeting • Direct labor quantity (efficiency) variance (P) Calculation:
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The actual idea of the ship was designed by the Swede‚ John Ericsson‚ who presented the prototype to Gideon Welles. On its deck‚ it had a round‚ rotating turret that housed two Dahlgren Guns. The ship was first launched‚ with a joyous crowd‚ on January 30‚ 1862 (The Story of the USS Monitor). To start off the war‚ the Confederacy barely even had a navy. At first‚ all that the South’s navy had to
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Capital budgeting is a step by step process that businesses use to determine the merits of an investment project. The decision of whether to accept or deny an investment project as part of a company’s growth initiatives‚ involves determining the investment rate of return that such a project will generate. However‚ what rate of return is deemed acceptable or unacceptable is influenced by other factors that are specific to the company as well as the project. For example‚ a social or charitable project
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1. On a map with a scale of 1:24‚000‚ a measured distance of one inch represents an actual distance of: _2000__ feet 2. On a map with a scale of 1:62‚500‚ a measured distance of 4.5 inches represents an actual distance of: _4.43892045__ miles 3. On a map with a scale of 1:250‚000‚ a measured distance of 4.5 inches represents an actual distance of: _17.75568182__ miles 4. On a map with
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Definition of Budget It is an estimation of the revenue and expenses over a specified future period of time. It can help to create a system when someone wants to open a shop or start investments. A budget can be made for a person‚ family‚ group of people‚ business‚ government or anything else that makes and speaks money. It can also help to establish a planned level of expenditures and it can help to maintain a budget for a company either on an accrual or a cash basis. Structured planning can
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background reading and carry out some research to explain the link between organisational success‚ performance management and motivation and the relationship between performance management and reward. Write a report of no more than 1000 words‚ which summarises the outcome of your research and should include: 1. Terms of Reference 1 This report aims to examine performance and reward management‚ as well as the link between the two in terms of motivation and organisational success.
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1. There are many criticisms about budget‚ but using budget can increase sales‚ decentralize and empower to lower level. According to the reading articles‚ budgetary can replace the fixed performance target with openness and transparency. And also management can give employees more freedom to manage. For example‚ Musimundo did not have budget before 2004. After 2004‚ it had established budget system. The budget was separated in two ways which were bottom-up and top-down. Employees who are at the
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BSBMKG514A Implement and monitor marketing activities Review of implementation of the marketing strategy and tactics BBQ fun June 2009 Task 1 Executive Summary The marketing plan reviewed in this report is for BBQ fun 2009. BBQ fun aims to be e leading outdoor‐lifestyle retailer‚ catering to the growing need for furnishing new and renovated dwellings in the greater Brisbane area. The assortment offer of BBQs‚ outdoor furniture and BBQ accessories will position
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Actual Intercultural Events It was my very first time in Malaysia and a failed intercultural communication occurred when I joined my college here. By someone in the International office at my college where I was informed that I will be required to get my medical check-up done together with other three students who were waiting in the student lounge for the person who was going to take all of us to the clinic. Whilst waiting with the other three students‚ one of the male students looked at me with
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