Answered: Please original work Background info:…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Background info: You and Emma have already spent a good deal of time focusing on and discussing the accounting department at CM Tech. Now it’s time to broaden the focus of your efforts. Emma asks you for your thoughts on the budgets at CM Tech and how the team can integrate the concept of customer focus into the budgeting process. Emma asks you to do some research for her.

What are the key problems that CM Tech could run into throughout the budgeting process that could reduce the effectiveness of their budget?

What should be done throughout the budgeting process to ensure the budget is tied to the organization’s strategies? Why is this important?

How can CM Tech include a solid customer focus throughout the budgeting process? What benefits could be derived from ensuring the customer remains a key element of focus even during an internal process like budgeting?

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