How important is a purchases budget and how does it help managers run a company?
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- When would a static budget be effective in evaluating a managers performance?Which of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.Why would managers use a flexible budget? What information does it provide that a regular budget does not?
- How can budgeting assist a company in planning its workforce staffing levels?Why do companies and businesses create budgets, what is the importance and how do budgets help businesses be more successful? Provide examples.Why is it important that a firm prepares a budget and how they analyze the ongoing performance? What advantages does a business have by going through the budget process?
