CWC Project II

You have to make sure that the HSE office local to where the construction work is to take place is notified of the project if the construction work in it will last for 30 days or more or involve more than 500 person days. HSE Form 10 (rev), which can be obtained free from any local HSE office, can

Use of the flexible budget shows the budgeted operating income given the actual sales. When you compare the flexible budget to the actual budget you are able to compare the total sales and cost incurred given the same units sold. The sales price variance, which is the actual sales less the flexible budgeted sales, was $14,700 favorable. This means that actual sales were higher than budgeted sales at that usage. This is attributable to the increase in service price from $25 to $26.40. Price variance for material usage was $2,100 over the flexible budget projection. This could be attributed to overuse or waste of materials. As expected, the direct labor price variance was $3,375 lower than the flexible budget amount. This is attributed to the manager’s effective use of labor. Operating expenses were also higher than the flexible budget

3. Explain two methods that can be used in order to identify realistic estimations when developing a budget. [2.2]

With regards to organization budgeting, staff will be comprised of both paid staff and volunteers. Both groups will require adequate and appropriate training. Funding for

|2.2 Explain the purpose of using estimations when developing a budget and ways of doing so |Question 2 Page 3 |

The second is listed at 150000 in the Selling, General & Administrative Budget within the Facility & General Operations Level Expenses. The last of the three line item that references to Utilities shows up in the same exact section and has the amount of 54000. This was extremely convoluted and seems redundant for the Utility costs. Beyond the confusion, the totals of the three Utility costs came out to 259747 for the year 9 Utilities expenses. These totals in cost for the utility related expenses seems very high compare to the year 8 utility expense of 150,000. With this said CB should consider a revised budget that is more detailed and gives a clearer explanation for the line items pertaining to the utility expenses.

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).

Financial tools that help in making better financial decisions are the different types of budgets that we were introduced to and these comprise of comprehensive budgets which include Capital and operating budgets, alternative cash budgets, and specialized budgets. A crucial aspect of the budgeting process however involves constantly defining your goals, reconciling goals and data, creating the budget, monitoring outcomes and analyzing variances and, readjusting budget expectations and goals. This process helps one to assess whether their goals and projections makes sense or if they need to be changed or thrown out completely. A comprehensive budget is a budget that shows both the capital and operating budgets and it its purpose is to reflect

a-Operating Budget. “According to Chris B.(n.d.), this is a combination of known expenses, expected future costs, and forecasted income over the course of a year”. This budget type is often based on historical performance drawn from an income statement and cash flow statements, reason why it focused on the collection of income and projected cost of items. In addition to financial history micro factors, macro factors are also important in determining budget

When planning a budget for a company it is essential is outline the future surpluses, and review potential contribution gain to develop financial stability. In the CareSafe Foster Systems Budget the management team has to review the importance of a workable budget to make changes for financial gain. In order to increase the size of the CareSafe’s surplus is provide four methods and reviewing the pros, and cons of each discussed method. When planning a budget listing future and existing problems in the program will outline

The budgeting process starts with a total price (fee) that is not necessarily related to the cost of actually performing the work. The price has been

The First World Bank Savings and Loan is required to read and deliver confidential customer data. Online customers get their data sent to them via PDF. They will also need to be allowed access to their data without being able to modify any of the information. There are several ways to make data secure so that it can be read, but cannot be modified.

Budgets lie at the core of every business practice. The tools are the major evaluators of managerial effectiveness and overall organizational performance. Businesses can achieve effective control and planning through the application of the right budgeting approaches in financial and accounting activities. Nonetheless, these benefits can only be realized if the managers of a company use the most effective models that take into account all relevant factors, which influence a firm’s budget. An inefficient method automatically leads to attainment of poor results. In this light, practitioners in the financial and accounting sectors evaluate different budgeting techniques in terms of efficiency, flexibility, accurate results, and ease of use. One of the approaches that attract immense criticism in respect to these considerations is the traditional budgeting approach. It is, therefore, essential to look into the reasons as to why the model has been criticized as a rigid method that should be eliminated (Zeller & Metzger 2013).

The key to understanding how FMC can be utilized by many different organizations is to understand the difference between FMC and a budget. A budget reflects projected expenditures and incomes for specified time. However, the budget does not always reflect reality. Actual cash flow typically varies from the budget in either a positive or negative direction. FMC represents a set of policies that

The budgeting process also provides the company management the right to communicate with the subordinate levels of its employees in order to implement and coordinate actions to achieve specific goals. This represents a specific way to motivate and control the behavior of managers, especially in situations when they participate in drawing up the budget treating it as a standard. It also allows evaluation of the actions management based on ability to achieve the objectives that have been defined by them in the budget.