My budget is better than your budget!
13 September 2012
The ‘limiting factor’ and why budgeting requires co-operation
Budgeting is a key part of planning and control. A budget is a pre-determined plan for an organisation, expressed in financial terms. At the planning stage, it indicates what resources are going to be needed to meet the organisation’s objectives (and, indeed, whether its objectives are attainable). As the period passes, the budget is compared to actual results to ensure...