It follows from devolving managerial responsibility, and assumes that those who are closest to the point of delivery of product/service and other activities will normally be in the best position to make informed choices between alternative courses of action. For devolved budgeting to be fully effective, the budget holder should maintain proper control of the costs being charged to him or her and be accountable for performance against budget. The budget structures are being scrutinized continuously, the aim being to establish what further scope exists for useful devolution of authority and responsibility.
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It is a budgeting approach that projects costs on the basis of future improvements, rather than current practices and methods. The key point is that the budget cannot be achieved unless improvements are made.
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Sunday, April 27, 2008
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It is a budget initiated by government entities in which budgeted financial statement elements are grouped by administrative entities and object. These budget item groups are usually presented in an incremental fashion that is in comparison to previous time periods. Line item budgets are also used in private industry for comparison and budgeting of selected object groups and their previous and future expenditure levels within an organization.
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Saturday, April 26, 2008
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(The answer to this question reveals how "top down" decision making is at the company )
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Thursday, April 03, 2008
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(This question is a little more granular, with an emphasis on the budget.)
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Thursday, April 03, 2008
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Net present value (NPV) is a standard method for the financial appraisal of
long-term projects. Used for capital budgeting, and widely throughout economics,
it measures the excess or shortfall of cash flows, in present value (PV) terms, once financing charges are met. By definition, NPV = Present value of net cash flows Where t - the time of the cash flow n - the total time of the project r - the discount rate Ct - the net cash flow (the amount of cash) at time t. C0 - the capital outlay at the beginning of the investment time ( t = 0 )
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Tuesday, March 18, 2008
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