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Essay / Research Paper Abstract
This 3 page paper discusses the value of budgeting for organisations of all sizes and types, in terms of effective resource management looking at what characteristics of a budgeting system are most likely to contribute towards the successful implementation and how a lack of these might result in ethical problems. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEbudres.rtf
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Unformatted sample text from the term paper:
budgets. However, it may also be argued that although seen as a control system, budgeting may also be used in a more proactive manner, with its use helping to maximise
the use of total resources and leverage those resources rather than simply control costs. The Institute of Cost Management Accountants describe a
budget thus; "A financial and or/quantitative statement prepared prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a
given objective. It may include income, expenditure and the employment of capital" (Chadwick, 2003). Therefore, we can see it is a predetermined plan that is used to determine the way
a business uses its resources. This will also need to be controlled. Budgetary control is described by the same organisation as; "The establishment of budgets relating the responsibilities of the
executives to the requirements of the policy, and by continuous comparison of actual with budgeted results either to secure by individual action the objective of that policy or to
provide a basis for its revision " (Chadwick, 2003). In both of these definition, from slightly different perspective control and use of resources
is linked. It may be argued that an in effective budget the planning will seek to maximise the use of resources through the process of setting the budget as well
as the management of the budget once it is set. Wildavsky (1986) looks at the process of budgetng and argues that there
are two main actors; guardians and spenders. These two roles will be played at different points of the budgetary process (Wildavsky, 1986). The setting of budgets will have competing needs,
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