(Drury) The Budgeting Process - The strategic planning, budgeting and control process - Preparation of the annual budget within the context of the long-term plan
3 important questions on (Drury) The Budgeting Process - The strategic planning, budgeting and control process - Preparation of the annual budget within the context of the long-term plan
How does budgeting differ from strategies?
Because of the shorter planning (1 year) budgets are more precise and detailed.
They are a clear indication of what is expected to achieved during the budget period.
They are a clear indication of what is expected to achieved during the budget period.
How is the budget set up?
It is developed within the context of ongoing business and is ruled by previous decisions that have been taken within the long-term planning process.
Why can't the budget be used for several years?
Because it is based on uncertain estimates. These proposals must be reviewed and revised in the light of more recent information.
However, the budgeting process cannot be viewed as being purely concerned with the current year, it mus be considered as an integrated part of the lon-term planning process.
However, the budgeting process cannot be viewed as being purely concerned with the current year, it mus be considered as an integrated part of the lon-term planning process.
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