Why is a clear understanding of management’s goals and objectives necessary for effective budgets?

Expert Solution

Goals help improve the overall effectiveness of budget planning. Objectives are specific steps that are taken to reach goals. Defining goals and objectives to describe what will be financed is critical. Several states have developed plans that include goals and objectives (and results and outcomes) to create and sustain an early childhood system. States use this information to inform their early childhood budgets.

For example, Washington State’s Office of Financial Management implements a management framework that includes the proposed strategies in this guide, described in a slightly different way. The Washington State framework includes the following: plan, allocate, manage, analyze, respond, improve, results. The state has goals that agencies use to develop strategic plans themselves that match the overall state goals. The state agency strategic plan must describe trends in revenue sources, fund balance changes, and identify cost pressures that may affect the financial sustainability of the agency. Agencies are required to use the framework in their day-to-day management and to show results

ekkarill92 answered 2 years ago

Why are budgets necessary? Do you suppose budgets are still necessary if a business is profitable...

Why are budgets necessary? Do you suppose budgets are still necessary if a business is profitable Why does human behavior need to be considered when establishing budgets? key terms Capital budgeting Operations budgeting Master budget Pro forma financial statements As you know from your pre-class work, W.T. needs to determine how much he’ll charge the customers of My Assistant. Keep in mind that he’ll need to (1) cover costs and (2) earn a profit so he can be paid. Part...

Assessment is necessary to verify that your program is achieving the desired goals and objectives. When...

Assessment is necessary to verify that your program is achieving the desired goals and objectives. When the planning process is very detailed, it is more likely the desired outcomes will be realized. Reflect on what you have learned so far about community assessment and program planning. Many planners have been put in new circumstances trying to deliver and assess programs under Covid restrictions. What are the differences between assessment and program planning activities? Why is assessment so important? When should...

Why is it important for budgets and reports to be presented in a clear manner, that...

Why is it important for budgets and reports to be presented in a clear manner, that they conform to management information requirements and how would a budget timetable or planner assist in satisfying this need? Discuss in 120–150 words.

According to Michael Porter, to be effective, the organization’s goals, objectives, culture, and activities must be...

According to Michael Porter, to be effective, the organization’s goals, objectives, culture, and activities must be consistent with the organization’s strategy. Discuss and give two different examples.

13.3 Why are clear objectives and standards needed in the appraisal process?

When establishing goals and objectives, how would you describe the relationship between the goals and objectives...

When establishing goals and objectives, how would you describe the relationship between the goals and objectives with the organizational vision, mission, and values?.

Objectives: The objectives of this lab exercise are to: Demonstrate an understanding of the concept...

Objectives: The objectives of this lab exercise are to: Demonstrate an understanding of the concept of operator precedence in Python expressions and statements. Take simple problem descriptions and produce small but complete Python programs that solve these problems. Give you some practice in using simple Python interactive input and output capabilities. Give you some practice in the simplest Python decision statement (if). Give you some practice in the simplest Python loop statement (while). Specifications: This is a four-part exercise....

GOALS AND OBJECTIVES Review WHY we have mis-applied overhead and the need to dispose of it...

GOALS AND OBJECTIVES Review WHY we have mis-applied overhead and the need to dispose of it Review advantages and disadvantages of closing mis-applied overhead to CGS Understand how to deal with this when the amount is materially large ARKANSAS CORPORATION …… is a company that produces machinery to customer order. Its job costing system, using normal costing, has two direct cost categories, direct materials and direct labor, and one indirect cost pool, manufacturing overhead, allocated using a budgeted rate based...

What information is necessary for the operating budgets?

Bonus (10%) Explain your understanding of effective Stress concepts. Why effective stress is considered the most...

Bonus (10%) Explain your understanding of effective Stress concepts. Why effective stress is considered the most important concept in geotechnical engineering including but not limited to slope engineering, design of earth structures and foundation engineering, etc.? How did you make the best understanding and application of effective stress to soil engineering? (Note: You have calculated them in your homework jobs assignment and have been applying them in settlement analysis as in the tests).

Question