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2019 I - Budgeting
2019 I - Budgeting
Review
BUDGETI By:
Idha Rahma Iswianti / 19080304009
Setiani Indah Saputri / 19080304024
PAK 2019 I
TABLE OF CONTENT
Underlying Conclusion
Theory
Introductio Discussion
n
INTRODUCTION
Budgeting is the most important element between
strategic and operation management. The Ukrainian business is
developing very rapidly and requires use modern management
techniques, one of which is budgeting. But the formation of budgets
in Ukraine is facing big problems of planned economy’s
abandonment, as well as for lack of knowledge and experience. That
is because, not all organizations in Ukraine understand the
importance of budgeting and not using it, which can lead to
bankruptcy of a large number of companies.
UNDERLYING THEORY
The Budgeting Process is a profit
planning and control process and the detailed
quantification of targets for short-term choices
of actions. Budgeting is not planning by
definition, it is just the quantification of
planning.
MASTER BUDGET
The end product of a budgeting process is a master budget. The master
budget summarises the objectives of all subunits of an organization.
Generally, the master budget can be classified into two primary
categories by the majority of scientists: operational budget and
financial budget. The structure of the operating budget differs
according to the enterprise business area.
UNDERLYING THEORY
TRADITIONAL
BUDGET
The process of formation of master budget is possible to call as a
traditional budget preparation method. As noted by Campbell (1985)
a traditional budget is a quantitative expression of a proposed plan of
actions by management for a specified period and an aid to
coordinate what needs to be done to complement that plan. The main
objective is the ultimate goal of control and responsibility of
controlling unit for planning, coordinating, measuring, and
rewarding.
ADVANT DISADVANT
AGE
It is an important medium for
communication of organizational
plans and objectives and of the
AGE
The traditional
budgeting is
progress made towards meeting those timeconsuming and
objectives costly
The development of budgets helps It detects problems
achieve coordination between the
slowly and quickly
various departments and functions
Performance at all levels is becomes out of date
systematically reported and Concentrate on cost
monitored thus aiding the control of reduction and not value
current activities creation
The integration of budgets makes it
possible to better manage cash and TRADITIONA Strengthen vertical
command and control
working capital and makes stock and
buying policies more realistic. L
UNDERLYING THEORY
Beyond Budgeting (BB), Zero-based Budgeting
It is a set of guiding principles that, if
followed, will enable an organization to (ZBB), is a budgeting process
manage its performance and decentralize that allocates funding based on
its decision-making process program efficiency and necessity
rather than budget history
Budgeting
Models
Activity based
budgeting (ABB), is a Performance Based
planning and budgeting tool, which
works by understanding the linkages Budgeting (PBB), uses
between the activities and the drivers statements of missions, goals and
behind them, particularly for those objectives to explain why the money
involved in creating value in the is being spent. (result oriented)
product for the customer.
UNDERLYING THEORY
Currently, management’s choices on how to start creating budgets fall into one of three major approaches (Rasmussen
and Eichorn, 2000; Rasmussen et al., 2003; Venkataraman and Pinto, 2008; Bagdži ūnien ė, 2006).
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