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What is a Budget? Definition
nura, hargeisa
What precisely is a budget? Let's collects some good definitions here.
According to Wikipedia, a budget (from old French bougette, purse) is a financial plan and a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms.
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What Precisely is a Budget?Jeroen van de Graaf, Netherlands An estimate of costs, revenues and resources over a specified period, reflecting a reading of future financial conditions and goals.
One of the most important administrative tools, a budget serves also as a plan of action to achieve quantified objectives, as a standard to measure performance and as a device for coping with foreseeable adverse situations. |
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What is a Budget?Qudsiya Amatun Nayeem, Student (MBA), India A budget generally refers to your financial resources which you pre-plan for a specific area over a limited time span. |
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BUDGET - a Mnemonic / AcronymArif ur Rehman, Professor, Pakistan You can see BUDGET as an acronym:
B = Balanced
U = Utilization
D = Doables
G = Get
E = Effective
T = Transaction
Sometimes, we are swayed by labyrinths of non-connectivity in debates/dialogues. This obviously is non-intentional. The mnemonic spells of the Balanced (most productive) Utilization of Doables (practically feasible variables) to Get (achieve) Effective (optimal utilization) of resources calling for the Transaction, which fundamentally then will be transformational. |
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BUDGET as an AcronymK.Narayana Moorthy, HR Consultant, India Mr. Arif ur Rehman's two points are highly relevant for a business project budgeting in terms of one doables (practically feasible variables) and two, effective (optimal utilization of resources). Thanks. |
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