You are required to conduct a literature search and discussion in this assignment.You are to choose a peer reviewed journal article (from any country) on the: -Use of Budgeting as a management technique for managing resources.The article should be published between 2010 – 2020. Choose your article only after you have accessed several relevant articles, and then choose the best articles that will answer the assignment question below.Required: Critically evaluate the relevance and challenges of budgeting systems by answering the 5 questions below:Questions:1. Briefly discuss the budgeting process. 2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies the purpose of planning, controlling and evaluating performance. 3. The two widely used practices in preparing budgets are ‘top down’ budgeting and ‘bottom up’ budgeting. Identify and explain the practice adopted by the organisation discussed in your selected journal article and further explain the behavioural implications of adopted practice. 4. Based on your literature findings (above), critically evaluate the comment that ‘traditional budgeting practices are constraint on creativity, and the time and energy spent on budget formulation is better spent elsewhere’.5. Based on your literature findings (above), would you recommend budgeting for contemporary organisations for planning and control purpose? Explain
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
You are required to conduct a literature search and discussion in this assignment.
You are to choose a peer reviewed journal article (from any country) on the: -Use of Budgeting as a management technique for managing resources.
The article should be published between 2010 – 2020. Choose your article only after you have accessed several relevant articles, and then choose the best articles that will answer the assignment question below.
Required: Critically evaluate the relevance and challenges of budgeting systems by answering the 5 questions below:
Questions:
1. Briefly discuss the budgeting process.
2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies the purpose of planning, controlling and evaluating performance.
3. The two widely used practices in preparing budgets are ‘top down’ budgeting and ‘bottom up’ budgeting. Identify and explain the practice adopted by the organisation discussed in your selected journal article and further explain the behavioural implications of adopted practice.
4. Based on your literature findings (above), critically evaluate the comment that ‘traditional budgeting practices are constraint on creativity, and the time and energy spent on budget formulation is better spent elsewhere’.
5. Based on your literature findings (above), would you recommend budgeting for contemporary organisations for planning and control purpose? Explain
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