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Budgeting is the Essence of Good Management
Pedro Guedes Carvalho, Professor, Portugal
25 years ago I ran a public school knowing I had a certain amount for 1 year. If there was some money left, I could use it the next year with the constraint I should use it just for investment.
Although the money was delivered monthly. Today it is delivered each 4 trimesters but the remaining money (if there is) goes back to the central administration.
To me annual budget is a useful guideline for planning and a tool coming from basic economics: how much resources do we have to achieve our goals: the essence of good management.
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Annual Budgeting is a 'Must' for Any OrganizationC.L. Kappagomtula, Professor, Malaysia One must understand, that any traditional budgeting is only like a navigational aid, and helps in staying on course without going astray.
All the weaknesses of traditional budgeting pointed out are the contraints, that one has to deftly / cleverly wade through to stay on course. Organizations surely needs to plan their financial flows through the 'tool' of a well forecasted, articulated, and planned budgeting processes. |
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