Step 5: Behavioral Biases and Gaming Behavioral aspects of budgeting also involve recognizing and addressing behavioral biases and gaming. Biases such as over-optimism, gaming, or padding the budget can distort the accuracy and reliability of the budgeting process. Organizations need to create a culture that promotes transparency, integrity, and ethical behavior to mitigate these biases. Step 6: Continuous Monitoring and Adaptation Behavioral budgeting acknowledges that th budgeting process is not a one-time event but requires continuous monitoring and adaptation. Regular review and analysis of actual performance against the budgeted targets allow for adjustments and corrective actions. This iterative process promotes learning, flexibility, and continuous improvement. Now, here's a fill in the 3 blanks type question based on the case study: In the behavioral aspects of budgeting, active and of employees in the budgeting process can lead to increased motivation and accountability. A) participation, involvement B) communication, feedback C) monitoring, adaptation D) motivation, goal congruence Please select the correct option from the given choices.
Step 5: Behavioral Biases and Gaming Behavioral aspects of budgeting also involve recognizing and addressing behavioral biases and gaming. Biases such as over-optimism, gaming, or padding the budget can distort the accuracy and reliability of the budgeting process. Organizations need to create a culture that promotes transparency, integrity, and ethical behavior to mitigate these biases. Step 6: Continuous Monitoring and Adaptation Behavioral budgeting acknowledges that th budgeting process is not a one-time event but requires continuous monitoring and adaptation. Regular review and analysis of actual performance against the budgeted targets allow for adjustments and corrective actions. This iterative process promotes learning, flexibility, and continuous improvement. Now, here's a fill in the 3 blanks type question based on the case study: In the behavioral aspects of budgeting, active and of employees in the budgeting process can lead to increased motivation and accountability. A) participation, involvement B) communication, feedback C) monitoring, adaptation D) motivation, goal congruence Please select the correct option from the given choices.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
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