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Essay / Research Paper Abstract
This 10 page paper looks at the potential benefits and problems of increased participation by managers, employees or stakeholders during the budgeting process. This paper looks at both the theory and the practice of participative budgeting using real cases to illustrate the points raised. The bibliography cites 10 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEpartbud.rtf
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Unformatted sample text from the term paper:
ability to project profitably and help with the maximisation of resources. In the past a common approach to budgeting was for the figures to be determined by senior management or
the accountants, with the basis being the former years with the aim of an improvement in efficiency (Chadwick, 1996; 22). The budget would then be presented to the departments as
a finalised figure. Sometimes there would be some flexibility, other times there would be constrained and strict budget breakdowns. However, in reality very few people have had a say in
the way the budget was prepared, the priorities that were set and the flexibility that may or may not have been included. In recent years there have been increasing
desires to maximise participation. Various motivation theories have become more prominent with empowerment being seen as an effective motivation tool, facilitating increased innovation as employees at all levels to become
involved in more depth and with a different or more specialised knowledge may be able to help create value. The motivation aspect
is also important in terms of general productivity. Just as theories such as Mayo, Maslow Hertzberg and McGregor predicted, when employees feel important and valued they will work harder, become
more productive and aspects such as loyalty will increase (Huczyniski and Buchanan, 1996; 52). Participative budgeting alone would not achieve these results, but may be a part of the range
of tools that would aid the realisation of these benefits. However, there are also many benefits and the use of participative budging can promote good human resource management practices (Macintosh,
1994; 32). If we consider the way budgets are formed and the way numbers are used by organisation, both commercial and non commercial, such as public services where there
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