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Budget planning and controlling in an organisation
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While attempting to solve Jake’s gas budget variance, it is essential to highlight a working definition of budget variance. A budget variance is “A difference between the actual results of your financial activity and your expected, budgeted results” (Siegel & Yacht, 2009, p. 104). In other words, what you budgeted for is one thing; your expected result proves a different outcome. With this definition in mind, there are three things Jake should do to balance his gas budget as anticipated. First, Jake should attempt to monitor or regulate his financial behavior by spending less for other expenses so as to keep his overall expenses within his budget. In other words, Jake should have a scale of preference to determine his expenses. Secondly, Jake
Gasoline is one of the many conversation starters anywhere you go. People have different opinions on why gasoline prices are fluctuating at such a rapid pace. Some Americans have chosen a way of thinking towards the prices. Whether it be making up rumors or just plainly trash talking towards our government. You make ask yourself the same questions many economist do, why has the price of oil been dropping so fast? Why now? This a complicated question, but it boils down to the simple economics of supply and demand. Supply and demand means a relationship between how much of a particular product is available and how much of it people want, and especially the way that this affects the level of pricing. Now of course there would be a shortage of gasoline during the summer time when everyone is traveling
The overall objective of the budget is to create a “leaner, meaner and more efficient” economy, and...
* Manage the purchase of equipment and ensure all appropriate accounts are funded, obligated and adjustments processed
Moreover, more strategies can use in everyday life to keep the resources from squandering. The motto is “buy less use more.” Reducing the unnecessary expenses and always make the best use of the clothes, shoes, and items ignored easily. Despite the fact that Eighner's strategies are not the same as mine, the desire we hold is the
The article by Mike Moffatt shows the price elasticity of demand for gasoline. According to Molly Espey the average price elasticity of demand for gasoline in the short- run is-0.26 and -0.58 In the long-run, which is a 10% raise in the price of gasoline lowers quantity demanded by 2.6% in the short- run and 5.8% in the long- run.Also, there are a studies were conducted by Phil Goodwin, Joyce Dargay and Mark Hanly at review of income and price elastics in the demand for road traffic and each of them has different study. Furthermore, the realized elasticities depend on factors such as the timeframe and locations that the study covers. If the gas taxes will rise, will cause consumption to decrease.
The first one is designed to know the resources necessary to set up a show or musical. The weekly budget is designed to cover the operation expenditures. (Horlick and Hise 1980). Due to the complexity of a Broadway show production, multiple items compose the budgets. As reference, the physical production cost of the musical 'Spider-Man' is composed by 23 items, which include aspects such as dresses, projections, High speed flying rig (The New York Times Company 2011)
Governor Scott Walker declared a State of Emergency for Wisconsin on January 25, 2014, for the propane shortage. The shortage is a major concern because there are approximately 250,000 people, in Wisconsin, who rely on propane to heat and run appliances in their homes. The three reasons given for the propane shortage include the below average winter temperatures, pipeline maintenance in late fall to early winter, and a wet fall increasing propane consumption to manually dry crops (Governor Scott Walker's Office, 2014). Rural Wisconsin townships, residents, and businesses are all impacted by the propane shortage: the decreased supply and increased demand for propane; the need to find and risks involved with alternative heat sources; and the government enacting emergency assistance funds.
Rishinek, A., 1983. Control Aspects of Standard Costing: Variance Analysis, Inflation Adjustment, The Learning Curve and their Computer Applications. Managerial Finance, 9(1), pp. 14-18.
With these three scenarios, I have learned several things about making a personal budget. I learned how to research the economic situation and best predict the prices for certain things. I also learned how best to manage bills under a tight and a very free budget. I learned how to manage money, not just for myself, but for others that I may one day be responsible for.
Cost allocation is the process of identifying, aggregating, and assigning of cost to various separate activities. There is no overly precise method of charging cost to objects, hence resulting to approximate methods being used to do so. Amongst the approximation basis used includes square footage, headcount, cost of assets employed, and electricity usage amongst others. The main aim of cost allocation is to spread cost in the fairest possible method and also to impact the behavior pattern of the cost.
With that being said, this writer can detail various examples where this writer was subject to being put on a budget in personal life as well as at work. For instance, when this writer wanted to make a purchase for something, this writer would put herself on a budget to save enough for that one object. Today, all the bills are kept track of along with the income made to budget myself. Thus budgeting is a never ending story of my life and others as well. However, in these examples budgeting can be a motivating experience as it is a way to keep me on track and knowing that there is light at the end of the tunnel. In these cases, budgeting in my personal life did and has helped my performance. At work, the budget has been cut on various occasions in which it directly affected individuals at the lower level of the hierarchy, such as myself. For instance, I drive to appointments to meet with clients. On several occasions for purposes of budget cuts, the mileage amount dropped from $0.56 per mile to $0.50 per mile, which made a great difference. Part of me was upset with this cut, however, another was still grateful that I had a job. Budgeting, is central to everyday operations in the workplace, as it is the driving force behind the services that are provided to the clients with DD and what will no longer be provided. In the cases, where some
Gas has many effects in our society, and some of these effects have a negative impact in our life. Our daily lives depend on gas, when we go to work, school and going out. We use gas for electricity, cars and many other things. The effects of gas are direct and very affecting in our lives because of the many forms it can be used in. There are many negative effects of rising gas cutting back in vacation time, prices of everything is going up “inflation”, car companies making more efficient cars.
The oil & gas industry is among the largest industries in the world. The sector generates large revenues and employs a large number of people in order to meet the worldwide demand for energy.
As time goes on, you will find that your original budget has some slaws. Some areas of budget planning might be overestimated, and some areas might be underestimated. Some of the flaws in budget making, for instance, are unemployment because if a person gets unemployed he has to have a strict budget to follow. For example making home food and not going out because that will result him in debt. Some of the other flaws are increase in rent, increase in car insurance because of accidents occurring, credit card payments, groceries, and eating out with friends. All of these flaws can cause a person to be more in debt and cau...
After one month of tracking my income, I have learned a little more about my spending habits. I am already aware of most of my spending habits, and where I most often slip up. A little on the background of my spending, I rarely use cash. There are two reasons why I do this; the first reason is so that I am not tempted to spend bits of money here and there on snacks and small things. The other reason is that so I can more effectively track my spending with less effort. I have two checking accounts to keep this balanced since on the statements it does not say what the money is specifically spent on. I use one card on essentials and school needs, and the other account is more of a lifestyle account. Although I have done this financial tracking in the past, I was able to reaffirm that I still have some areas of weakness in my spending.