Importance of budget and budgeting process

Reference no: EM13827431

Problem:

The test of an excellent budget process is the ability to convert objectives and goals into data. The budget serves as a blueprint for business operations. The evaluation of actual results with the budget forms the basis for effective control. Finding the resources to implement the budget calls for extensive use of human resources and involves correct perceptions of individual roles and communication plays an important role in budget operations whether it is imposed or participatory. Critically evaluate both of the statement above and describe the differences between the communication flows when the budgeting process is imposed or participatory.

Summary of problem:

This question belongs to Finance as well as it explains about the importance of budget and budgeting process where the capability to convert objectives and goals in data has been stated. The budget serving as a blueprint for the business' operations has also been discussed in detail.

Total Word Limit: 3879 Words

Reference no: EM13827431

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