Budject Project Budget Project the Research Paper

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As one budget is completed, another is commenced. As one particular budget is completed by the financial staff, it will be thoroughly reviewed by the chief financial officer. When the CFO approves the correctness of the data used in the construction of the budget, she forwards it to the chief executive officer. Upon his own analysis as well as based on the input retrieved from the financial staffs, the CEO will approve the budget.

c) in terms of implementation, this is completed throughout the entire organization. At the small scale of the organizational departments, the implementation is ordered and supervised by the department managers. At the level of the entire organization, the implementation of the budget is ensured by the CFO and by the CEO. These two are also in charge of the ongoing process of control and monitoring.

Once the technical dimensions of the budget are addressed, it is important to take an overall look at the capital budgeting process. From this angle, the following elements are noteworthy:

The organizational budget is generally fixed, but the company strives to become more adjustable and flexible in order to better meet emergent requirements; it however focuses on consistency and the budget is mainly fixed

New or discontinued services and procedures are assessed upon the specific and entitled requirement of an organizational party.

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The actual assessments depend on the characteristics of each service or process.

The strengths of the budget process revolve around the high skills of the financial staffs and the technical infrastructure used in the construction of the budget.

Aside these strengths, it is also true that some weaknesses arise and they could be improved. For instance, the company is yet unsure whether to implement a fixed or a flexible budget and this indecisiveness often leads to delays and inefficiencies.

The other departments are only limitedly involved in the processes of budget construction in the meaning that they only send and request input relative to the respective department.

All organizational processes reveal characteristics linked to the budget, namely based on the necessity to meet the expected revenues and develop projects within the imposed expense limitations. This is also the main importance of the budget processes within the economic entity.

In terms of efficiency however, this is often questionable as it can be argued that the financial limitations also impose constraints on creativity, innovation and development projects. However, without the budgets, the profitability of the firm….....

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