Budgeting is an important part of an organization’s overall planning. Through budgeting, each part of an organization’s structure can be identified for decision making and control. For example, if the budget shows that one million units are to be sold in the next 3 months, the sales department knows that it must achieve that goal. At the end of the first month, the sales department can determine by looking at the budget if it is on track or not and what decisions it must make to meet the goal. A reasonable budget can allow an organization to allocate resources and provide a plan and direction for the organization. A budget can also help measure performance and ensure that managers are held accountable for their decisions.
To prepare for this Discussion, “Shared Practice: Evaluating the Budgeting Process,” take a moment to think about your organization or an organization you are familiar with. Consider the importance of the budgeting process, forecasting, and strategic planning for informing how the organization operates with regard to decision making.
Note: If you are not in the position where you are involved in budgeting processes, interview either someone in your organization or a professional outside of your organization who can provide you with this information. Be sure to identify the position held by this person in your post.
Post by Day 5, the following:
- Provide an evaluation of how forecasting, strategic planning, and budgeting processes impact your organization.
- Provide 2–3 examples from your professional experience in your current or former organization, or from your interview, to support your position. Be sure to include specific budgeting tools used by the organization.
- Identify the key stakeholders in the budgeting process at the organization and explain how they are involved in the processes.
- Explain how knowledge of forecasting, strategic planning, and budgeting processes might impact your decisions in the organization you currently work for or one that you will work for in the future.
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