Question

JUST DO QUESTION 3

2) You have discussed with the human resource manager the new budget. Why is it now
important that you incorporate their suggestions and make the modifications to the budget
promptly?

3) i: What types of resources could be allocated in a budget?
ii: To ensure effective monitoring and reporting of budgets what do you need to do?

Answer 1

resource allocation aims to ensure that each department has sufficient resources to meet the costs of all its activities taken together. In isolation individual activities attract more or less budget than they require. However, when these are looked at together they result in a sufficient level of resource for all the activities to take place and there will proper record of the resources consumed .

resource allocation is type of materials , equipment ,services which are required. for all type of budgets key components are material,labour , machines, suppliers.

ii)steps to be taken are

• hold a seperate budget monitoring meetings and make it a priority before things go off course
• look out for warning signs like budget is wrong, standards are not met etc,
• take corrective action as soon as you get to know of it
• review thoroughly and promptly all aspects of a budget
• revising the internal budget through a coordinated process.