(Drury) The Budgeting Process - The strategic planning, budgeting and control process
3 important questions on (Drury) The Budgeting Process - The strategic planning, budgeting and control process
What is the framework of he budgetary process? (5)
1. Strategic planning process
2. Creation of long-term plan to implement strategies
3. Preparation of the annual budget within the context of the long-term plan
4. Monitor actual results
5. Respond to deviations from plan (may lead to stage 2 or 3)
2. Creation of long-term plan to implement strategies
3. Preparation of the annual budget within the context of the long-term plan
4. Monitor actual results
5. Respond to deviations from plan (may lead to stage 2 or 3)
What is a long-term plan?
A statement of the preliminary targets and activities required by an organization to achieve its strategic plan together with a broad estimate for each year of the resources required and revenues expected.
What is typical of a long-term plan? (4)
Because it involves looking into the future (often 5 years) the plans tend to be
1. uncertain,
2. general in nature,
3. imprecise
4. subject to change.
1. uncertain,
2. general in nature,
3. imprecise
4. subject to change.
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Topics that are related to (Drury) The Budgeting Process - The strategic planning, budgeting and control process
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(Drury) The Budgeting Process - The strategic planning, budgeting and control process - Strategic planning process
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(Drury) The Budgeting Process - The strategic planning, budgeting and control process - Preparation of the annual budget within the context of the long-term plan
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(Drury) The Budgeting Process - The strategic planning, budgeting and control process - Monitor actual outcomes and respond to deviations from planned outcomes (stage 4 and 5)
