Question

creating a budget is an important part of which phase of the planning and control process?
a. planning
b. controlling
c. implementing
d. executing

Answer 1

a.planning

Creating a Budget is an important part of the planning phase of the planning and controlling process. Budget is a process of creating a plan to spent your money. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or you would like to do. If you don't have enough money for everything you would like to do, then you can use the planning process to prioritize your spending and focur your money on the things that are important to you.

On the other hand, in other phases we use the Budget we prepared in plaaning phase:

Implementation Phase - In implementation phase, we ensure that we have adequate finanacial resourses in hand to funds our planned activities we budgeted earlier.

Execution phase - While executing plan, we need to need allocate resourse as we budgeted earlier.

Controlling phase - In controlling phase, we check deviation from budgeted figures and planning activities and implement controling measures, so that resources of the company don't get short and everything works as per budgeted plan.

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