Budget- An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals
Budget holders
• Directors- regional managers- branch manager- section managers- shop floor workers
Constructing a budget
• Make a judgment of sales revenue
• Set cost ceiling
• Break down costs by division or department
Types of budget
• Historical- set it based roughly on the previous years
- Zero-based- all departments have a budget of 0 and have to ask for any funding they need.
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