BUDGETING COMMENTS Name: Professor: Course: Date: Topic 1: Budgeting Comments Firstly employees will tend to accept the budget as their own plan of action. An employee who self-sets their own specific challenging but achievable goals will gain more self-efficacy. Increased self-efficacy leads to increase in work ethic increased responsibility increased participation and more social interaction between all levels of employees. For instance at my first employer middle management directly aided in creating the annual budget. A point of pride for these employees is when their capital projects are approved as these are ideas they develop on their own to improve their respective departments. When projects are approved the employees would work harder and take responsibility to ensure the project is completed on time and on the budget. Conversely if the managers receive an ultimatum of a budget for an expense such as labor they will complain the goal was things or the corporate doesn't pay for economic employed in the business. The organization also always use budgets to plan for future business growth and expansion. Capital saved on regular business expenditures may be placed into a special saving account set for selecting new business opportunities. This ensures that companies have enough capital kept so that when needed to make a quick decision for expanding the business operation. Robinson M. & Brumby J. (2005). Most of the experience is positive. Work Cited Verzuh E. (2015). The fast forward MBA in project management. John Wiley & Sons.Daft R. (2012). Organization theory and design. Nelson Education. Carnevale A. P. (1990). Workplace basics: The essential skills employers want. astd best practices series: training for a changing work force. Jossey-Bass Inc. Publishers 350 Sansome Street San Francisco CA 94104. Robinson M. & Brumby J. (2005). Does Performance Budgeting Work?: An Analytical Review of the Empirical Literature. [...]
This is a very tight deadline I need these assignments by 8:00 pm CST time today the 29th. This is 3 1.5 page papers each have to be 1.5 pages long. Each needs at least one source. TOPIC 1: Budgeting Comments Select one of the following quotes from the text to discuss. Clearly state whether you either agree or disagree with the comment and support your opinion with at least one scholarly resource. Include in your response an explanation of the major purposes of budgeting. "One major criticism of budgeting is that it is used as a ‘cost reduction’ tool rather than a ‘cost control’ tool. The objective of the budget is to control costs at an efficient level of operation." "There are generally three benefits from allowing employees to participate in developing the budget: (1) Employees tend to accept the budget as their own plan of action. (2) Participation tends to increase morale among employees and toward management. (3) Employee cohesiveness is increased, and productivity will also increase if dictated by the group norm." "Even though budgets are quantitative tools, considerable emotion is connected to budgeting. The individual in control often sees the budget as a means of getting things done. People being controlled often have feelings of anxiety because their success and promotion are tied directly to the budget." TOPIC 2: define a standard cost and explain what constitutes the components of a standard cost. Describe the advantages and disadvantages of a standard cost system and explain under what circumstances a standard cost system is most effective. Topic 3: Budgets and Employee Morale Budgets play a critical role in management activities such as planning, controlling and motivating employees. Used effectively, budgets can help a company achieve its goals and create a productive work environment. In contrast, budgets can also create a hostile work environment. Reflect upon your own work experiences. Explain how budgeting was incorporated to achieve the company’s overall goals and objectives. Reflect on whether or not the budgets were effectively applied and whether your experience was positive or negative.