JUST DO QUESTION 5 3 What are the four stages involved in de

JUST DO QUESTION 5

3. What are the four stages involved in developing a budget? 4. List and describe the 4 most common budgeting approaches. 5. You have discussed with the human resource manager the new budget. Why ist novw important that you incorporate their suggestions and make the modifications to the budget promptly?

Solution

5. Budgeting involves collection of data related to the organisation so as to provide the finances required to project the estimated cost in achieving organizational objectives. From a human resource perspective it is very important to consider the various data which can be given by the HR department only. These data includes the number of employees who are expected to join the next year, New benefits and programs that are under planning, projected turnover rate and other changes in the policy and other business strategy that might effect the company\'s overall budget. Considering all these points it is very importnat to consider the suggesstions of the human resource manager before making the budget.