budgeting


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budgeting

the process of preparing BUDGETS and exercising BUDGETARY CONTROL. Budgeting encourages forward thinking by managers; serves to help coordinate different functions and departments in the firm; defines the responsibilities of individual managers; provides a framework for delegating responsibility; and provides incentives by setting standards of achievement. Budgeting also provides an instrument for control by pointing out where corrective action is required and a basis for modifying plans where necessary Finally budgeting enables managers to practise MANAGEMENT BY EXCEPTION concentrating only on important deviations from plans.
References in periodicals archive ?
292, or the Administrative Code of 1987, as the legal basis for implementing cash-based budgeting.
Hope and Fraser propose a new management model to take the place of budgeting for control purposes.
SSCC is funded on a biennial calendar by the state, so its strategic planning and budgeting process are structured around it.
4: to engage in sound budget, credit, and tax management practices, encourages you go be proactive with the budgeting process.
So we ask questions like "Have we been effective in assisting condors to continue?" Or "Have we been effective in saving elephants from being culled in Swaziland?" It's a much different approach than that taken by typical corporate entities and requires a budgeting and planning process that goes well beyond the next quarter's earnings.
Similarly, studying and evaluating budget documents from many different jurisdictions helps one keep abreast of the latest trends in the field of governmental budgeting. These trends naturally work their way into the budget documents under consideration for the award.
* What we can learn about budgeting from trains and planes.
* Budget Policy -- DoD budgeting policies (full, incremental, annual, etc); link to the DoD Financial Management Regulation; other useful links; budgeting implications of contract types; working capital funds.
The LOICZ webpage also summarizes and updates the budgeting procedure, provides tools for carrying out the process, offers teaching materials, and posts existing budgets as they become available.
A few Fortune 1000 companies--including Allstate, Fujitsu, Nationwide Financial Services, Owens Corning, Sprint and Texaco--recognize they've been guilty of inadequate planning and budgeting. To improve those processes, they're trading their usual bottom-up planning and multi-iterative budgeting processes for top-down strategic plans budgeted by department managers.