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A Necessary Evil - The Budget
By Teresa Jurgens-Kowal, Ph.D.
Budgeting is not a task that many people look forward to, but with specific tools, the process of planning, assessing, and controlling expenses becomes much simpler. Techniques to enhance the budgeting process include
- Top-down budgeting
- Bottom-up budgeting
- Zero-based budgeting
- Year-on-year budgeting
- Variance analysis
Finally, presenting and defending the operating plan with a budget allows a firm to take strategic action to achieve its goals and objectives. Using a budget to plan future work is critical to effective business performance.