of Social Sciences (PJSS) Vol. 31‚ No. 2 (December 2011)‚ pp. 207-214 Beyond Budgeting: The Way Forward? Michael Goode M.Sc Accounting and Financial Management Programme University of Hertfordshire Hatfield AL10 9AB‚ UK Email: m.goode@herts.ac.uk Ali Malik‚ PhD Senior Lecturer and Programme Tutor University of Hertfordshire Hatfield AL10 9AB‚ UK Email: m.a.1.malik@herts.ac.uk Abstract Beyond Budgeting has been proposed as an influential idea that will reinvigorate management accounting contribution
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Budgeting Process Budgets are often met with much hesitation. Often times‚ managers feel that the process is often too long and really does not help them run their departments or business. Let¡¦s explore the various stages of the budgeting process and evaluate their effectiveness. Then review how the role of the budget could serve as an analytic tool and be used to evaluate organizational performance‚ eliminate inefficiencies in an organization’s performance‚ and be a part of the business control
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| A Case study on Hart Venture Capital | Budget allocation | By: Puneet Jain (043039) | Table of contents A case study on Hart Venture capital ……………………………………………….. 2 Executive Summary ……………………………………………………………………….. 3 Statement of the problem ………………………………………………………………. 3 Solution to the problem ………………………………………………………………….. 4 Optimum Solution ……………………………………………………………………………… 5 Management interpretation ……………………………………………………………… 5
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process for preparing a monthly budget includes: • Listing of all sources of monthly income • Listing of all required‚ fixed expenses‚ like rent/mortgage‚ utilities‚ phone • Listing of other possible and variable expenses Advantages of Budgeting 1. A basis for internal audit for regularly evaluating departmental result 2. Scarce resources can be allocated in an optimal way 3. It forces management to plan ahead so that long term goals are achieved 4. Communication and coordination
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SWOT Analysis SWOT is an acronym used to describe the particular Strengths‚ Weaknesses‚ Opportunities‚ and Threats that are strategic factors for a specific company. A SWOT analysis should not only result in the identification of a corporation’s core competencies‚ but also in the identification of opportunities that the firm is not currently able to take advantage of due to a lack of appropriate resources. (Wheelen‚ Hunger pg 107) The SWOT analysis framework has gained widespread acceptance because
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INTRODUCTION “Not only had India….set up his own machinery for oil exploration and exploitation….an efficient oil commission had been build where a large number of bright young men and women had been trained and they were doing good work.” -Pandit Janwarlal Nehru to Lord Mountbatten‚ on ONGC (1959) ONGC Group of Companies comprising of ONGC Limited‚ and its subsidiaries ONGC Videsh Limited (OVL)‚ ONGC Nile Ganga BV (ONGBV) and Mangalore Refinery and Petrochemicals Limited (MRPL) organize
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GOVERNMENT BUDGETING IN THE PHILIPPINES * BUDGET PRINCIPLES The term “budget” may be traced back to the Latin word “bulga”‚ which literally means bag or purse. Some scholars however seem to favor its deviations from the middle English “bouget”‚ meaning bag or wallet. It applied to the leather bag carried by the Chancellor of the Exchequer to parliament and contained the documents explaining the needs and resources of the country. As government changed and developed‚ the “budget” took on a much
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Capital Budgeting Derwin Brown FIN/486 12/15/2014 Rosa Welton‚ Instructor Capital Budgeting Considering the information for the Proposal concerning the building of the new factory‚ the incremental cash flows are needed for the NPV analysis. The incremental cash flows are sales of $3 million a year which equals an increase in gross margin by $150‚000 given a 5% gross margin and initial on investment of $10 million which is the cost of building the new factory. The savage
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Budgeting and the Planning and Control Process Learning Objectives By the end of this chapter‚ you should be able to: • Describe how the budget is a component of the planning and control process. • Explain the three components of planningmission‚ goals‚ and objectives. • Describe how performance reports relate to budgets. • List the advantages of budgeting. • Describe how budgeting is related to strategic planning. • Describe the budget administration process. INTRODUCTION Have
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MB 0050 Research Methodology Ques 1 Research is a sequential method of enquiry‚ directed towards a clear implicit or explicit objective. Describe in detail the steps to be carried out in a typical research study. Ans. Different scholars have interpreted the term ‘research’ in many ways. For instance‚ Fred Kerlinger (1986) stated that ‘Scientific research is a systematic‚ controlled and critical investigation of propositions about various phenomena.’ Grinnell (1993) has simplified the debate and stated
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