Have you ever put together a budget for yourself or for a project? How did it...

Have you ever put together a budget for yourself or for a project? How did it turn out? What did you learn?

Expert Solution

Yes i have put a budget for my self and no of time i took a project in my hand to complete. it included many activities to be performed and every activity has need of specific amount of money to be completed. we have set out budget keeping the no of activites in mind and try to complete them with the given amount. most of time they are completed with in the specified amount but some of time they need extra money to be completed. even some time extra and unidentified activities also appear during implementation of other activites for which we have not organized any money. in this case we make provision of all such activites which are contingent in nature and may appear during the implemetation of other activites.

the budget we prepare is statement of amount that we are planning to spend on certain items and we get some money from revenue sources. the budget we prepare is most of the time is fixed that we can not change because our sources of revenue are fixed and the same time expenditure are also fixed so we have to abide by that budget that does not provide us flexibility.

while preparing budget and implementation thereof we learn many things :

No of revenue sources.
No of items on which amount will be spent.
time frame.
money rotation.
priority basis expenditure.
flexibility in implementation which might immpossible most of time in terms of expenditure.
reducing expenditure which of no use to save moeny and time and efforts.
effective managment
effective resources planning.
time management

Rahul Sunny answered 3 months ago

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