samuel peter 3

need 5dqs at least 100 words each needed 24hrs from now. will pay $3 each for total of $15. ty …Michael

 

 

1.    What is ‘slack’ in the context of budgeting?

 

 

 

 

 

 

 

2.    What is the difference between a Forecast and a Budget?

 

 

 

 

 

 

 

3.    What if a department goes over budget?  How do we communicate these variances to them?

 

 

 

 

 

 

 

4.     Should one budget for ‘extraordinary’ items?  What is an extraordinary item?

 

 

 

 

 

5.    Should the CFO redo the budgets – claiming that the department heads were not ‘knowledgeable’ about what should be budgeted?  Or, should he trust their assessment?
It should be a collaborative effort.  The problem arises when one team tries to monopolize the process.   I worked at a company where the CFO tried to ‘redo’ the entire budget, which in some respects, undermines the efforts of the department heads completing them in the first place.  

 

               This once again gets into the area of “Trust-Relationship-Ownership” and I’m              curious to see your responses?