Which is more important- planning or controlling? How are they different? What is a break-even point? How is an organization's financial planning and control similar to your personal budget process?
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Which is more important- planning or controlling? How are they different? What is a break-even point? How is an organization's financial planning and control similar to your personal budget process?
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Solved in 3 steps
- What are the importance of financial planning in: 1. Business 2. Individual 3. GovernmentWhat are some common mistakes that organizations make during the planning process.What is the role of financial planning in the overall planning process, and what specific areas does it cover, such as budgeting, forecasting, and financial analysis?
- Discuss the concept of budgeting as a key component of the planning process. How can budgets be used to control and monitor organizational performance?Which database would you select for your budgeting? What are the factors you took into consideration when making this decision? Please discuss.Explain the three levels of planning. What is the main factor that differentiates the three levels? Suppose a manager argues that budgeting does not work. How would you explain the advantages and importance of budgeting to your manager?
- Making Planning Effective Among the aids top planning that may be used are:But why are these used as aids in planning? Gather as much information as possible Develop multiple sources of information Involve others in the planning processMaking Planning Effective Planning may be made succesful if the following are observed, but why would it be successful? Recognize the planning barriers Use of aids to planningHow does the planning process in an organization ensure alignment between the strategic objectives and the operational goals, and how can managers effectively bridge the gap between the two?
- What are some common challenges that organizations face when it comes to planning? How can organizations overcome these challenges and develop a planning process that is effective and sustainable over the long term?What are some of the most common challenges that organizations face when trying to develop and implement effective planning processes, and how can these challenges be overcome?How can an organization effectively manage and allocate resources in its long-term planning efforts?