Budgetary Planning and Control
Budgeting refers to the process of quantifying the plans of an organization such as to enable it get its objectives in the defined duration. The result of the process is budgets that are employed for cost performance evaluation, control and future decision making. Budgetary Planning and Control may be observed as short-term quantification and monitoring of long-term strategic plans of the organizations. Strategic planning includes preparation of strategic plans that explains the objectives to be pursued in the framework of corporate policy. It is via budgeting such a long-term corporate plan is place into action. Budgets may be prepared for departments, financial or functions and resource items. In fact, several people refer to budgeting as implies of coordinating the combined intelligence of the whole organization into a plan of action.