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Essay / Research Paper Abstract
A 6 page paper answering 5 questions about strategic planning, economic forecasting and creating a master budget using the fictional Riordan Manufacturing as the subject. No forecast can be expected to be absolutely accurate simply because all of the events and expectations are set in the future that no one can foretell. An accurate economic forecast should be more than a best guess and have real meaning for planning for the short-term future. Bibliography lists 2 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSstratRiord.rtf
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Unformatted sample text from the term paper:
Manufacturing is a division of Riordan Industries, $1 billion member of the Fortune 1000. Riordan Manufacturing is a global plastics producer with 550 employees in three locations with projected
annual earnings of $46 million. One of the manufacturing locations is in China; the others are in Michigan and Georgia. 1. Explain the importance of strategic planning in maximizing shareholder
wealth. Existing strengths and weaknesses directly influence the success that the organization can expect to have in implementing any operational plan (Boulton, 2001).
In anything that requires some action, the organization has a greater chance of success if the actions involved are those with which the organization has experience and knows well.
Some experiences grow from market changes and the organizations response to those changes; some organizations are restricted in their ability to adapt because
of prohibitions within internal structure. If the organization is to grow by design - and therefore enhance shareholder value - then it must have a plan to follow and
an idea of how it will operate in its industry. Otherwise it can only follow the industry rather than lead it, and maximum business growth is more likely to
fall to those leading the industry rather than following. Shareholder value increases in response to increase in stock price, and stock price is not going to increase unless the
business is involved in noteworthy activities in its industry, leading in sales or making some other positive strides. 2. Using the Economic Forecast on the Finance and Accounting intranet, demonstrate how
forecasting has been used in the budgeting process for the most recent fiscal report. Planners have examined forecasts for the overall economy, and
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