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Maximizing Organizational Efficiency through Budgetary Control
Maximizing Organizational Efficiency through Budgetary Control
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
Maximizing Organizational Efficiency through Budgetary Control
Budgetary control is a critical aspect of financial management that helps organizations maximize efficiency and achieve their financial goals. The process of budgetary control involves setting budget targets, monitoring actual performance against those targets, and taking corrective actions if necessary. In this article, we will explore the key elements of budgetary control and how organizations can use budgetary control to improve their efficiency and achieve their financial goals.
The first step in budgetary control is the development of a comprehensive budget plan. This plan should include a detailed breakdown of expected revenue, expenses, and capital expenditures for a specific time period, such as a fiscal year. The budget plan should be aligned with the organization’s goals and objectives and should be developed in collaboration with all relevant stakeholders.
Once the budget plan has been developed, it is important to regularly monitor actual performance against budget targets. This involves comparing actual results to budgeted results on a regular basis, such as monthly or quarterly, and taking corrective actions if necessary. For example, if actual expenses are higher than budgeted, the organization may need to reduce spending in other areas or seek additional revenue to ensure that it remains on track.
Another key aspect of budgetary control is the use of financial ratios. Financial ratios provide a quick and easy way to assess an organization’s financial health and performance, such as its liquidity, solvency, and profitability. For example, the current ratio, which measures an organization’s ability to meet its short-term obligations, is a useful indicator of liquidity. The debt-to-equity ratio, which measures the proportion of an organization’s debt relative to its equity, is a useful indicator of solvency.
Budgetary control also involves regularly reviewing and adjusting budget plans as necessary. This includes considering changes in the marketplace, changes in organizational goals and objectives, and changes in resource availability. For example, if an organization experiences a decline in revenue, it may need to adjust its budget plan to reduce expenses or seek additional revenue to ensure that it remains on track.
In addition to monitoring and analysis, budgetary control requires strong communication and collaboration between different departments and stakeholders. This includes clear communication of budget expectations, regular progress reports, and open communication channels to allow stakeholders to provide feedback and discuss budget-related issues. By involving all relevant stakeholders in the budgetary control process, organizations can build support for budget decisions, foster a culture of financial responsibility and accountability, and ensure that all relevant information is considered when making decisions.
Maximizing Organizational Efficiency through Budgetary Control
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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