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 ?
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.
What we can learn about budgeting from trains and planes.
PPBE -- The Planning, Programming, Budgeting and Execution (PPBE) System; Structure of the Future Years Defense Program (FYDP); budget exhibits.
Over the past several years, the GFOA Research Center has received a considerable number of inquires from state and local governments regarding multi-year budgeting (MYB).
That price tag includes consulting fees, in-house stag time and the purchase and customizing of state-of-the-art software to link disparate corporate data across the enterprise--essential for effective planning and budgeting.
Total Business Budgeting by Pobert Rachlin is one way to not only hold onto this view but also widen it.
It is my hope that the organizational emphases of the transitional library model and the approach to budgeting that supports it will provide libraries with the, means to prosper under the technology assault and to develop the ability to adapt to change easily.
This realization forced upper management in our facilities to grudgingly give up total control of the development of the key numbers in their operations by allowing department heads to contribute to the budgeting process.
But the mere fact that these questions are being posed and serious attempts made to find the answers will provide some reassurance that all facets of the marketing budgeting problem have been explored.
Welcome to the world of "cash budgeting," where taxpayers fund such cockeyed choices because, in the government's "unified" budget, all outlays are created equal.
In an evaluation of their budgeting, forecasting, and reporting processes, an astonishing 60% of companies surveyed exhibited limited adoption of BPM best practices, while less than 4% showed strong adoption.