Swot Analysis Paper

Budget management analysis is used by mangers as a tool and helps determine that all resources available are being used efficiently. The budgets are determined yearly and are based upon the previous year’s budget and variances. This paper will discuss specific strategies to manage budgets within forecast, compare five to seven expense results with budget expectations, describe possible reasons for variances, give strategies to keep results aligned with expectations, recommend three benchmarking techniques, and identify those that might improve budget accuracy, and justify the choices made.

The budget process is a powerful planning tool for government to make important resource decisions. According the Carney and Schoenfeld‘s article on How to read a Budget, an operating budget is a reflection of government’s financial plans. When a budget is

In order for teachers to create a learning environment that is culturally responsive to each individual student, a teacher must learn the student’s funds of knowledge. The importance of learning the funds of knowledge of your students is crucial. A teacher can approach learning more about a student’s prior knowledge and culture in a variety of ways, including, instructing personal interviews with questions about their personal life such as what are the most important things in your life. Another way to discover your student’s funds of knowledge is by placing yourself in their shoes and doing a school and community walk through. You can also be provided with more insight into your student’s lives by conducting an adult interview from someone that also lives in the same community. In order for me to create lessons and classroom practices that are culturally responsive is by discovering my student’s funds of knowledge. I am at Blackwell Elementary School, which is located in Marietta and is apart of the Cobb County District. After having the students create heart maps and interviewing them, doing a school and community walkthrough, and talking with an adult, I was greatly impacted by all the new information and perspectives I learned. Without going through this process to obtain the information, I would have no knowledge on my students or the community surrounding Blackwell besides what meets the eye. This experience impacted my own thinking about the school I am working in for

This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).

Describe the budget process and how staff members at the unit level impact the budget.

In outlining a budget there are two phases that must be determined to create a budget, an operating phase and a financial phase. “Developing a new operating budget starts with examining budgets from previous years and identifying what components are going to change, by how much and if any new components need to be added or existing ones reduced or cut” (Budget Challenges, 2012). In the first phase of the budget it needs to be determined how much money is going to be needed to operate the day to day activities of the business.

The initial cost of the project will be the sum of the development, project administration, implementation, and financing functions. Development cost include IT system design, process planning, and feasibility analysis. Hardware upgrades, software development, infrastructure improvements are included in the implementation costs. Administration expenditures cover other costs such as training, furniture, network infrastructure, utilities, and insurance. Kudler expects to use this system for a prolonged period of time; therefore, the cost of the life cycle will need to be calculated also. Furthermore, the benefits of worker productivity gain, expenditure decrease, and employee utilization gains will also be calculated in the economic feasibility analysis. Once the initial cost of the project is determined, feasibility can be determined on the economic level. According to article, “Implementation: The operational feasibility perspective”, operational feasibility will be achieved if the following steps are followed. Step 1, managers and employee negative perceptions of change must be addressed openly. Step 2, positive factors for change must be reinforced. Step 3, the highest stress should be dealt with first. Step 4, change must start at the top of the organization. Step 5, informal and formal lines of communication should be used. All managers and workers should be involved or represented in the design.

This determines the project’s outcome, usefulness, effectiveness, cost, and time it takes the project to be completed. This also determines the future outcome of the project and will be needed for an upgrade. The scope of the project will be determine and completed within six months. The resources constraints of completing the project will be determine by cost and time. The cost could be higher from the original cost for the completion of the project. The expected cost of the project will be $50,000. This will include paying the project team, cost of software, and hardware. The V.P. of operations of Riordan Manufacturing will approve any changes made to the project. The project team that will be working on this project will be the IT department within the company.

Budgeting is the systematic method of allocating financial, physical, and human resources to achieve an organization’s strategic goals. Budgets are utilized by for-profit and non-profit organizations to monitor the progress towards the goals, assist in the control of spending, and help predict cash flow for the organization.

Budgets serve five main purposes; planning, facilitating communication and coordination, allocating resources, controlling profits and operations and evaluating performance and providing incentives. The budgeting process requires both technical and interpersonal leadership skills to achieve each of these purposes effectively. The director’s memo demonstrates several short comings in the budgeting process. The director instituted the “responsibility accounting system” as a means of evaluating performance. However, the DPW director has not consulted Sam in the budget process. Sam understands that his total expenditures are impacted by relatively unpredictable events that contribute to an uncontrollable element of his cost. The

Iowa is very unique when it comes to school finance. We use the single count date for the purpose of funding the state’s school districts. This is a count of the number of students in attendance on October 1st. This is when the federal government requires a count of the number of students eligible for the free and reduced price lunch program for purposes of Title I funding. An advantage to using the single count date is that it is reasonably easy and it also helps to cut down on administrative costs. There are many disadvantages to using this system. The single count date does not give districts any type of financial incentives for holding onto

Budget formulation and use are tools that guide many decision making strategies in business. The measures that are least effective could create an avalanche of catastrophic events that can negatively impact the decision making strategies. It is in the best interest of the pertinent parties to draft an operating budget based on a collective set of information relating to organizational vision and mission. Ineffective measures can be catastrophic based on the foundation for measures used in creating the budget. Among the many issues organizations face that relates to creating an effective operating budget results from poor

ABI is using a top-down process in this project, meaning that determination of the final budget comes almost strictly from a compilation of experiences and judgments of the top and mid-level managers in the company. The higher-level managers break down costs into major categories, pass down their cost estimates to the next lowest level, lower-level managers break the major categories down into subcategories and so on until the estimation process reaches the lowest level of the company. By the end, each level knows the specific amount of money that it is allotted to complete the project tasks required at that level. Because the project is so extensive in price and risk, it would have been smarter for them use a bottom-up process which would have involved the employees who would actually be part of the work team so that management could get a more accurate estimate of the time and money that would be required to complete the project.

Budget is time-consuming, especially if it involves a poorly managed company. The budget only pays attention to the quantitative aspect of business while neglecting the qualitative aspects. It does not consider the quality of services or goods and therefore inconsiderate of customers’ satisfaction. Another disadvantage of a budget is that it is inaccurate. A firm rarely “makes budget.” The hope is that the business activity will be close to the budget, but it could be off considerably and lead to bad hiring, spending and production decisions. This is because budget preparation is based on assumptions and thereby changes in the business environment could lead to unachievable

Proper following and acknowledgement of the timeline is vital to the success of this project. If the project goes overtime, it can cause serious budget mess-ups and furthermore delays.