Budgeting Process : Sadara Chemical Company Vs. Chemical Company

Develop a financial plan to feasibly meet our budget constraints (KMAONE, 2013). In order to maintain an in-house

It is not obvious that the plan includes a detailed staffing requirement that includes defining the capabilities and staffing levels that will be needed in each job category to implement the business plan. The focus should be on 5-10 critical capabilities and then out of those what capabilities are different from job to job or level to level. The other critical factor will be those capabilities that are

The structure and design of organizations have drastically changed over the last twenty-five years. Organizations develop new goals at the beginning of the year or after the completion of previous goals, and heavily depend on planning to help achieve these goals. Planning is an integral part of organizational success, as upper management receives substantial information on various needs such as risk uncertainty, available resources, employee development, and unforeseen changes in technology (Daft, 2013). Most importantly, successful planning allows management to make effective decisions when unforeseen events arise within the organization. Not participating in planning is equivalent to taking a road trip across the country without a

IT projects are influenced by various factors that ultimately cause a project to either reach successful completion or face heavy challenges. Planning is one of the key factors among these. Good planning comprises of determining project objectives, documenting those objectives, allocation of clear responsibility and accountability of various tasks, creating schedule by taking into account scope and budget specifications and continuous revision to the plan based on evaluation. Additionally, maintaining control over schedule, scope and budget, is another factor that plays an important role. Certain factors like organizational changes, technological changes etc also have a big impact on IT projects.

Careful planning is required to guide all parts of the organization towards its strategic long-term and short-term objectives. Anthony & Govindarajan (2000) saw strategic planning as being focused on several years, contrasted to budgeting that focuses on a single year and so a budget is a one-year slice of the organization’s strategic plan. The budget prepared for planning purposes, as part of the strategic planning process, is the quantitative plan of management’s belief of what the business’s costs and revenues will be over a specific future period (Davies & Boczko, 2005). According to Atrill & McLaney (2002), a budget’s role is

If the company wants to solve its problems and become attractive for the potential investor, it should solve all its problems. The most important, company has to develop a business plan. In this plan, all the problems will be solved through stating company’s vision, mission, objectives, marketing, production and financial plan.

The most valuable output of the Plan Procurement Process is the Procurement Management Plan. As is the case with almost every aspect of the project management process, it is essential and imperative that the project management team implement an effective and concise plan when it comes to the various components of procurement throughout the project’s life cycle. Specifically speaking, the procurement management plan refers to the plan that has been put into place that is meant to dictate and describe the entirety of the procurement process and how it is means to relate to and with the developing procurement documentation, and how contract closure will relate to all. The procurement management plan should be implemented and developed as early in the project life cycle as possible to assure that the procurement process is consistent throughout, however, in some cases the plan may be altered once the project begins, particularly if budgetary reasons dictate.

Every organization should have a strategic plan to achieve its goals in a limited time period, the strategic plan has many variable models. The strategic planning process that we studied needs a collaboration between the organization’s staff, board members, and strategic plan committee. This strategic planning process has ten guide steps.

The planning determines which actions the company must take to accomplish her targets. Based on the planning the company can take into account required capital, staff needs, patenting, etc.

A business plan is a road map for a team or business and it can be used, as an eternal tool for potential customers and partners. The business plan should describe in details the entire business venture, technology behind it, the size of the target market, customers, competition, business model, team, financial needs and exit strategy. The business plan gives a company insight and allows them to think things through early enough in the process to ensure they have a well defined venture goals and objectives. It also gives the business direction to a clear path for the team to follow and implement on their venture.

An effective business strategy and budgeting is very essential in a manufacturing industry. A company without a proper business strategy and master budgeting plan would usually faces tremendous challenges and losses during its business operations. The importance of company’s business strategies and budgeting plans, as well as the challenges and losses in the absence of these items has clearly presented in this case study. (“Wiley,” 2013)

Every organisation must plan every action it intends to take, in the short-term as well as in the long-term. The company, on the basis of the objectives set by the top management of the organisation should plan for growth, expansion, restructuring of business or otherwise. Every company needs to plan out its strategies according to its future plans in order to avoid surprises and to overcome any challenges they may have to face. Therefore, without planning, the organisation cannot achieve any of its goals.

The main pitfall of planning is the misconception members have believing that planning solves problems. Too often, planners rely on opinions and hunches rather than facts. Once a plan has been established, all members in the organization need to be aware that issues may arise down the line and work environment can change unexpectedly. Some companies become so committed to achieving their goals that they fail to recognize the incremental changes in their plan and work environment. The lack of flexibility and creativity in an action plan can significantly affect an organization’s purpose. Another comparison to a good planning is the goal setting process. Goal setting can help turn a company’s vision into a reality, if the process is used accordingly. By precisely knowing what to achieve, associates can focus their effort on what is more important than on things that are less important. Goals require flexibility in the process, if there is no flexibility added to the process, goals would soon provide no reason at all. One way of setting effective and achievable goals is to use the S.M.A.R.T guideline. The S.M.A.R.T guideline is the first component of the goals setting process and is a useful tool in planning. The acronym stands for Specific, Measurable, Attainable, Realistic, and Timely. Clear and Specific goals are easier to accomplish than common goals because it contains a specific reason that clearly defines what is about to happen. In addition to being

The Project Management Plan (PMP) provides the general overview and establishes specific strategies and milestones for the preparation of study notes and delivery of presentation on the topic “Developing the Project Team “. The PMP will define the project 's requirements and expectations. This document will be updated as required, if there is any change in the subsidiary management plans.

The Author has analysed the company based on the information that has been gathered and aims to make an IT plan. This IT plan would include current and proposed IT systems and its processes. The new IT systems may include CRM, CPFR and web based approach for payroll management.