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Etymology[ edit ] A budget derived from old French word meaning purse is a quantified financial plan for a forthcoming accounting period. In other terms, a budget is an organizational plan stated in monetary terms.
In summary, the purpose of budgeting tools: Tools provide a forecast of revenues and expenditures, that is, construct a model of how a business might perform financially if certain strategies, events and plans are carried out.
Tools enable the actual financial operation of the business to be measured against the forecast. Lastly, tools establish the cost constraint for a projectprogram, or operation.
Corporate[ edit ] The budget of a company is often compiled annually, but may not be a finished budget, usually requiring considerable effort, is a plan for the short-term future, typically allows hundreds or even thousands of people in various departments operations, human resources, IT, etc.
If the actual figures delivered through the budget period come close to the budget, this suggests that the managers understand their business and have been successfully driving it in the intended direction. On the other hand, if the figures diverge wildly from the budget, this sends an 'out of control' signal, and the share price could suffer.
Campaign planners incur two types of cost in any campaign: The second type of expense that campaign planners incur is the hard cost of the campaign itself.
Event management[ edit ] A budget is a fundamental tool for an event director to predict with a reasonable accuracy whether the event will result in a profit, a loss or will break-even. A budget can also be used as a pricing tool. There are two basic approaches or philosophies, when it comes to budgeting.
One approach is telling you on mathematical models, and the other on people.
The first school of thought believes that financial models, if properly constructed, can be used to predict the future. The focus is on variables, inputs and outputs, drivers and the like.
Investments of time and money are devoted to perfecting these models, which are typically held in some type of financial spreadsheet application. The other school of thought holds that it's not about models, it's about people.
No matter how sophisticated models can get, the best information comes from the people in the business. The focus is therefore in engaging the managers in the business more fully in the budget processand building accountability for the results.
The companies that adhere to this approach have their managers develop their own budgets. While many companies would say that they do both, in reality the investment of time and money falls squarely in one approach or the other.
Government budget The budget of a government is a summary or plan of the intended revenues and expenditures of that government. There are three types of government budget: It is customary for the Chancellor to stand on the steps of Number 11 Downing Street with his or her team for the media to get photographic shots of the Despatch Boximmediately prior to them going to the House of Commons.
Once presented in the House of Commons it is debated and then voted on.
Minor changes may be made however with the budget being written and presented by the party with the majority in the House of Commons the Governmentthe Whips will ensure that it is passed as written by the Chancellor. United States federal budget The federal budget is prepared by the Office of Management and Budgetand submitted to Congress for consideration.
Invariably, Congress makes many and substantial changes. Nearly all American states are required to have balanced budgetsbut the federal government is allowed to run deficits. The Finance Minister is the head of the budget making committee. The present Indian Finance minister is Arun Jaitley.
The Budget includes supplementary excess grants and when a proclamation by the President as to failure of Constitutional machinery is in operation in relation to a State or a Union Territory, preparation of the Budget of such State.
James Wilson is known as the father of Indian budget. Philippines[ edit ] The Philippine budget is considered the most complicated in the world, incorporating multiple approaches in one single budget system: There are two types of budget bill veto: Personal budget A personal budget or home budget is a finance plan that allocates future personal income towards expensessavings and debt repayment.
Past spending and personal debt are considered when creating a personal budget.Sports journalists and bloggers covering NFL, MLB, NBA, NHL, MMA, college football and basketball, NASCAR, fantasy sports and more.
News, photos, mock drafts, game. Our vision is a consumer finance marketplace that works for American consumers, responsible providers, and the economy as a whole. Project Payday has a 3-step process, called “methods” that claim to get you making money quickly and keep you making money.
Method 1 is where everyone starts. The manual explains that to get started making money, you must participate in a referral forum. Work Again Road Map (WARM) So Far. WARM is a new project which promotes the eradication of violence and seek to relieve our local communities of the effects of violence by supporting people into employment, education and training.
Writing a project report can be a daunting task if you don’t start with an organizational plan. Project reports commonly contain the same basic elements that provide readers with information regarding the project’s goals, plan, budget and outcomes.
Public Housing and Community Development Homeownership Opportunity for First-Time Homebuyers. The Public Housing and Community Development Department (PHCD) will be hosting four open houses on December 4, and December 6, for first-time homebuyers.