ACBU 2223 Lecture Notes - Lecture 14: Human Factors And Ergonomics
16 Apr 2017
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Basic framework of budgeting: budget: detailed quantitative plan for acquiring & using financial & other resources over specified forthcoming tie period. Budgetary control: use of budgets to control organization"s activities. Advantages of budgeting: define goals & objectives, think about & plan for future, means of allocating resources, uncover potential bottlenecks, coordinate activities, communicate plans. Responsibility accounting: managers should be held responsible only for items that can actually control to significant extent. Self-imposed budget: self-imposed budget aka participative budget is budget that is prepared w/ full cooperation & participation of managers @ all levels, advantages. Individuals @ all levels of organization viewed as members of team whose judgements are valued by top management. Budget estimates prepared by front-line managers often more accurate than estimates prepared by top managers. Motivation generally higher when individuals participate in setting own goals than when goals imposed from above.
