How can budgets assist managers in all four aspects of management; planning, controlling, evaluating, and decision...

How can budgets assist managers in all four aspects of management; planning, controlling, evaluating, and decision making.

Expert Solution

Every Budget is prepared by following the four aspects of management as explained below -

Planning - Planning is the first step to estimate the projections and making a perfect way to execute the desired or expected results in budgeting. For example - Sales budget is an estimate of projected sales that is expected to achieve in future period.

Controlling - Controlling is the second step for ensuring that the actual results are meeting the expected or planned estimations.

Evaluating - After the budgeted period is over, checking the actual results to know whether they met the estimated or target results.

Decision Making - After the evaluation of the results by the managers, taking a decision based on the results. For example, if budgeted results are met then the planning of next period budgets are to improve the performance further or if budgeted results are not met then getting to know the reasons for not achieving the estimations and making the changes in plans for next period estimations.

ekkarill92 answered 2 years ago

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