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Balancing Risk and Reward in Budgetary Control for Organizations
Balancing Risk and Reward in Budgetary Control for Organizations
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Balancing Risk and Reward in Budgetary Control for Organizations
Budgetary control is a key aspect of financial management for organizations, as it helps to ensure that resources are allocated in a manner that balances risk and reward. Budgetary control involves setting goals and objectives, determining the resources required to achieve these goals, and monitoring actual spending against budgeted amounts.
Balancing risk and reward in budgetary control requires a strategic approach to decision-making. Organizations must consider the potential risks and rewards associated with different initiatives and allocate resources accordingly. This requires a comprehensive understanding of the organization’s financial situation, as well as the risks and rewards associated with different initiatives.
One key aspect of balancing risk and reward in budgetary control is considering the short-term and long-term implications of different initiatives. For example, investing in a new technology may have short-term costs but potentially provide long-term benefits in terms of increased efficiency and cost savings. In contrast, investing in new facilities may have significant upfront costs, but provide immediate benefits in terms of increased capacity and improved work conditions.
Another key aspect of balancing risk and reward in budgetary control is considering the level of risk tolerance of the organization. Some organizations may be willing to take on more risk in pursuit of greater reward, while others may prefer to focus on minimizing risk and maximizing stability. The level of risk tolerance will depend on a variety of factors, including the organization’s financial position, the stability of its market, and the availability of alternative investments.
It is also important to consider the potential impact of different initiatives on the organization’s stakeholders. For example, investing in new technology may provide benefits for employees in terms of increased efficiency, but may also have implications for job security. Organizations must consider the impact of their budgetary decisions on all stakeholders, and allocate resources in a manner that balances the risks and rewards for each group.
Incorporating technology into budgetary control can also help organizations to balance risk and reward. For example, using data analytics tools to monitor actual spending against budgeted amounts can provide organizations with real-time insights into their financial situation, and help them to make informed decisions about resource allocation. This information can also help organizations to identify areas where they may be exposed to financial risk, and take proactive measures to mitigate these risks.
In conclusion, balancing risk and reward in budgetary control is an important aspect of financial management for organizations. By considering the short-term and long-term implications of different initiatives, the level of risk tolerance of the organization, the impact of decisions on stakeholders, and incorporating technology into the budgetary control process, organizations can allocate resources in a manner that maximizes the potential for reward and minimizes risk. This will help organizations to achieve their goals and objectives, and ensure financial stability and success in the long-term.
Balancing Risk and Reward in Budgetary Control for Organizations
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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