This website uses cookies to ensure you have the best experience. Learn more

Evaluate The Problems Adam & Josh May Have From Unmonitored Costs And Budgets

1011 words - 5 pages

D3-Evaluate the problems Adam & Josh may have from unmonitored costs and budgets.

In this assignment I will talk about why costs and budgets need to be controlled and the advantages and disadvantages of controlling costs and budgets. I will also explain what can happen to a business if costs and budgets are unmonitored.

Importance of costs and budgets controlling:

It is very important for an organisation to control its costs so that it can manage its financial resources effectively. The reason organisation needs to control their costs properly would be that it would end up saving money on expenses and increase its revenue. This will help the company to increase its revenues and ...view middle of the document...

If a business doesn’t make enough profit they might end up in a condition where they end up in debt or bankrupt, also if a business doesn’t manage or control their budget then it would find it difficult to reach its objectives and targets. it also runs the risk of spending more money than it is taking in or, even, not spending enough money to expand the business and compete effectively.
Reference: http://www.deloitte.com/view/en_IL/il/services/fas/budget-control/index.htm, Btec Business Level 3 Book 1
Advantages and disadvantages:
Following are the advantages of unmonitored costs and budget:
1. it can manage its financial resources effectively
2. it is a way to achieve the goals set for the units
3. it serves as a benchmark for controlling on going operations
4. it helps in developing a team spirit where participation in budgeting is encouraged
5. it serves as a basis for evaluating the performance of managers

If businesses doesn’t control their budget then serious mistakes can occur for example, a business might have bought too much stock and this means that the stock would be left in the stock room, it may go out of fashion, then the business will have to put reduced offer on the stock, so therefore the business will loose money because they selling the product below cost.

Over-expenditure
Over-expenditure is where businesses spend more than they estimated at the start of the year. for example if business planned to spend £5000 on expenditure but they actually spent £6000. the reasons for business having resulting in over expenditure are in correct data and inexperienced employees.
The incorrect data will cause over expenditure to occur as the business will think they have more to spend than they actually have. The over expenditure can also be a result of in experienced employees creating the wrong budget for business as they do not have the required skills to successfully draw up the business budget with the correct figures being used.
The reason...

Other Papers Like Evaluate The Problems Adam & Josh May Have From Unmonitored Costs And Budgets

Identify And Evaluate Clearwater Technologies Existing Pricing On The Qtx Line

1045 words - 5 pages lower than the new price of QTX. 3. Evaluate the price options presented at the meeting described in the case. 1. The Product Manager Rob Erickson: If a customer upgrades from 10-seat unit to 30-seat unit, the cost increased will be 400, and the Original Unite Margin is 90%, so he uses 400/(1-0.9)=4,000 dollars for the resellers, and the price for the end users is doubled, so it will be 8,000. So, if I didn’t get it wrong, the final

Evaluate The Influence Of Two Major Theories Of Ageing On Health And Social Care Provision

1147 words - 5 pages becoming independent and in some case defined and an invidual. Other older people may try and stop the disengament process form happening by remain mentally and socially actie even if their physical health starts to fail, this is so they prevent themselves from disengaging. By doing this they maintain some of their ego integreity and prevent and slow doen the disengament process. Both these theories have influenced health and spocial care provisions

Competitions In The International Hotel Industry Is Increasingly Intensified And Globalized As Hotels Seek New Ways To Grow And Target Markets And Potential Customers Have More Alternative To Choose...

539 words - 3 pages 1. Competitions in the international hotel industry is increasingly intensified and globalized as hotels seek new ways to grow and target markets and potential customers have more alternative to choose from. Explain in detail this issue. Over the past two generations, the hotel industry has evolved in a continued boom to accommodate explosive growth and radically changing consumer demand, and has adjusted itself to a substantially different

Individual Ethical Decision-Making Analysis Introduction Throughout My Lifetime I Have Dealt With Everything From Priests To Murderers, I Have Witnessed Preachers With No Morals And Thieves With Moral...

732 words - 3 pages and challenging them to come up with true answers was one of your strong points. I know that you were not totally opposed to modern logic as you have stated “logic based upon the idea that qualitative objects are existential in the fullest sense. To retain logical principles based on this conception along with the acceptance of theories of existence and knowledge based on an opposite conception is not, to say the least, conductive to clearness

Evaluate The Literature Which Attempt To Explain The Causality Of Two Emotional Disorders And Explain How Our Body Responds To The Stress Response

1836 words - 8 pages resistance to the stressor. Muscles become exhausted, the kidneys may become impaired and stores of hormones become low. Because the body resources have been used to cope with the stressor, there will be insufficient resources to challenge other infection or disease; this may lead to the development of an ulcer or heart disease. Hans Selye in 1950 defined stress as “the nonspecific response of the body to any demand” (EYSENCK, 2008: 213). The

With Reference To Examples, Evaluate The Success Or Otherwise Of Urban Regeneration Schemes In Combating The Causes And Consequences Of Urban Decline

929 words - 4 pages With reference to examples, evaluate the success or otherwise of urban regeneration schemes in combating the causes and consequences of urban decline (40) Urban decline was a problem faced by many inner city areas in the UK from the 1970’s onwards, and occurs when people move out of an areas because of factors such as deindustrialisation and depleting job availability. This leads to areas becoming unsightly, dangerous places to live which

Explore The Idea, “Gender Equity Can Be Achieved By Being Sensitive To Problems Of Both Women And Men”

498 words - 2 pages GENDER EQUITY CAN BE ACHIEVED BY BEING SENSITIVE TOWARDS PROBLEMS OF BOTH MEN AND WOMEN Gender equality is, first and foremost, a human right. Women are entitled to live in dignity and in freedom from want and from fear. Empowering women is also an indispensable tool for advancing development and reducing poverty.One is not born, but rather becomes, a woman. No biological, psychological or economic fate determines the figure that the human

Vdid Wolsey And Henry Have An Effective Foreign Policy During The Years 1515 – 1525?

582 words - 3 pages were very narrow and not effective. However the lords who wrote source M could be being bias against Wolsey because they hated hi because he was not a Nobel and born to a merchant therefore they would not have wrote a letter in favour of Wolsey and would be trying to cause his fall from power. Also Henry is show by many historians to be disinterested in his politics and left them to Wolsey, this is shown if the fact that Henry did not know about Wolsey’s “Amicable Grants”. In conclusion I believe that Henry and Wolsey’s foreign policy was ineffective through the years 1515 – 1525.

The Day My Heart, Life And Soul Went From Complete Happiness To Crumbled Pieces

1051 words - 5 pages a child thought they could or would ever have or ask for. After school one day, mom picked us up from school, took us to get a snack, as we did daily after school. On the day we were all just as happy as could be. We went home, got homework done, and then played outside until dinner time. We came inside, washed up, sat at the dinner table and patiently waited for mom to place all of the delicious food on the dining room table. Once dinner was

From Nightingale To Now: The Evolution Of Nursing And Nursing Theory

1145 words - 5 pages the scope of this discussion, it is possible to provide at least a cursory examination of some seminal theories as a means of elucidating the way in which nursing theories have developed from the time off Nightingale to the present. Over the next few decades after Nightingale’s time, the role of nursing continued to be codified and improved upon, as the contributions of various professionals influenced the way nurses carried out their duties

Music And Its Effect On The Learning Experience Of Children From Early Childhood To Adulthood

2468 words - 10 pages group (early childhood, middle to late childhood, and adolescence) it is proven that music does have an effect on the learning experience. It is also proven that ideas can be drawn from the developmental theories of Jean Piaget, Lev Vgotsky, and Sigmund Freud to correlate with the responses of the three children about how music effects their learning. Introduction

Related Essays

The Opportunity Costs Of Systems Analysis And Design

1992 words - 8 pages The Opportunity Costs of Systems Analysis and Design Date: 24 March, 2010 For a specific application, the first task is to decide which methodology is appropriate for its development. The structured system analysis and design (SSAD) method has been fine-tuned and used for many years in the real world. However, during the last several years, object-oriented approaches towards analysis and design (OOAD) have become increasingly more

Who Have The Been The Main Winners And Losers From Globalisation?

2982 words - 12 pages Who have been the principal winners and losers from globalisation? Globalization affects everyone, whether intended, directly or otherwise; it has gradually increased its presence in our daily lives. In this essay, I will point out who are the ones benefited and the ones injured from it by breaking down the question in four broad aspects: economic, political, socio-cultural and environmental. Seemingly, I will analyse the causals for this

Dr. Stephanie White, The Chief Administrator Of Uptown Clinic, A Community Mental Health Agency, Is Concerned About The Dilemma Of Coping With Reduced Budgets Next Year And Into The Foreseeable Future...

905 words - 4 pages reduction plan before making any cuts. She would have to analyze the costs that need constant commitment and first makes cuts that way. I would advise her to look at the costs that can possibly be eliminated. For example, having an assistant as well as two secretaries may be a bit much. It seems as though her business is over-staffed. One secretary would be sufficient enough to back-up the administrator and his/her assistance. In my opinion, she has too

Using Material From Item And Elsewhere, Assess The View That Gender Roles And Relationships Have Become More Equal In Modern Family Life

1199 words - 5 pages Using material from item 2B and elsewhere, assess the view that gender roles and relationships have become more equal in modern family life (24 marks) The domestic division of labour refers to the roles that men and women take in relation to housework. These roles are often referred to as conjugal roles; roles which display roles within marriage itself. Segregated conjugal roles described the situation of man and wife having separate roles