Budgeting is a key component in management short and long term Essay

Budgeting is a key component in management short and long term planning - Essay Example Budgeting helps in figuring out the issues that are faced by the organization and the stakeholders of the organization (RICH, 2012, p.970). This done by finding the difference between the actual outcomes and the budgeted outcomes, if the actual outcomes are not consistent with the budgeted outcomes, the organization is said to have been experiencing issues that need to be resolved. Budgeting is a means through which alternatives are identified and analyze this is done to find the best alternative which will end up in providing fruitful results to the organization. Budgeting is an essential element in the planning role played by the management of an organization. It plays a key role in creating plans that are short and long term in nature. Both the short and long term goals of the organization are of great importance. The achievement of the long term goals is entirely dependent on the successful achievement of the short term goals of the organization. Short Term Planning A manager is involved in the process of making both short and long term planning. The plans that are created for a shorter period of time are created while keeping a deadline of one year or as long as two years in mind (SPEARMAN, 2007, p.194). The plans are created while analyzing expectations of earnings, cash inflow and outflow and expenditures conducted to obtain resources. The plans may be created for as long as one single month or even for as low as one single week. Short term plans created within the organization are heavily dependant on information obtained within the organization and these plans consists of detailed information of tactical objectives that an organization aims at achieving. The short term plans are well structured and hardly experience change with changes in environment, the outcomes of these plans are easily determinable and the outcomes can be analyzed quite frequently (NIEUWENHUIZEN, 2007, p.61). The plans of revenue earning and profit making that are short term in nat ure are devised in accordance to the current products offered by the organization and the current market in which the organization is operating. Short term profitability programs should be developed in accordance to different responsibilities and areas. Plans that are short term in nature are dependent on departments and all departments create their own short term plans. Once short term plans for each department is created, all the short term plans are viewed and reviewed together as all functions/departments are dependent on each other for their success. For the creation of short term plans, involvement of lower level managers is quite significant. Line manager is one of the lower level managers who play the most important role in defining the short term objectives and short term plans should be finally devised with the ultimate aim of achieving long term targets of the organization. Long Term Planning The nature of the long-term planning is quite strategic and it covers a broad ra nge of purposes. This kind of plan is scheduled to be completed within five to ten years of operations and it is formed in accordance to the future operations of the organization. These plans are not only based on the conditions of the internal environment of the organization, they are created while giving importance to the external environment which includes the

Budget Information Problem Essay Example | Topics and Well Written Essays - 1500 words

Budget Information Problem - Essay Example Finally, the report wraps up with an analytical assessment of these budget information problems and suggests recommendations to address the budget information deficiencies. I as the accountant carried out a survey on the state of the budget information problem. The budget information problem is as a result of a company not being transparent enough to itself and the public or parties concerned. There is no accountability in the way the budget funds are used and in this case. The report will consider the effect of the availability of budget information to Metropolitan health care services company (Tyler, 2007, p. 146). In so doing, it is essential be familiar with nature and organizational structure of the Metropolitan health care services company. The report will establish the central issues in the budget information affecting Metropolitan health care services company. Besides, it suggests the available policy choices that it can employ in their budgeting processes. The company is expected to select a policy option that is in line with the goals in its budget financing. The report found that it was essential for the the company to have information on issues regarding the expenditure and revenue budget. Budget information is vital, and when it is unavailable, it could imply the lack of accountability and hence misappropriation of funds. Debt management information deficiency is also a constraint for the company’s budgetary processes. I observed that the approach taken by company concerning debt management is not appropriate in the budget stipulation. I hold the position that aims to reform the criteria and conditions that will enable the elimination of budget information problem at Metropolitan health care services comp any (Lindridge, 2011, p. 157). There are frequent typical problems that exist in the budgetary making process at Metropolitan health care services company. One of the fundamental problems is budget information concerning

E-Commerce Strategies Essay Example | Topics and Well Written Essays - 250 words

E-Commerce Strategies - Essay Example The strategies used are comparable to those used by companies that sell to businesses, having both similarities and differences. Apart from using the above strategies they companies are benefitted because an organization or business can easily locate more customers, the best suppliers and the most suitable business partners across the globe. The shipment is often in large quantities, and heavy machinery may be required to package products into bulks. This is because websites following B2B business model sell their products to intermediate buyers, and then they sell their products to the final customer, which can be any wholesaler’s retail outlet (Haag & Cummings 2013). The IT mechanisms used by both are similar. Payment for both involves transaction systems use non-cash payment including PayPal, Gift Cards, and VISA etc. Security mechanisms make use of SSL (Security Socket Layer) which uses encryption and authentication which prevents large business and thus large companies being part of an external hack or

Critically appraise whether recent judicial decisions reinforcing Coursework

Critically appraise whether recent judicial decisions reinforcing - Coursework Example Most of the businesses use forms that have special terms and standard legal language on backs or bottom of the documents governing sales and purchases. This is more so to the business men who focuses more on the commercial transactions than legal doctrine. When the recent judicial decisions are used, the court uses the first and last short approaches in determining the effectiveness of the contract. In practice The boilerplate language is classically in small print, covering business contingencies which arise rarely2. Through the application of the recent judicial decisions, some major disparities are identified in the legal doctrine resulted from discrepancies in some conditions that accompany replies and offers3. This case is similar to the case between Mr. Jones, company by the name of CMP and Ricoh [Ricoh UK Limited v Jones (2010) EWHC 1743 (Ch). According to the agreement, no one was supposed to have any contact with any client except through Ricoh. Mr. Jones had no reciprocal o bligation to deal with the clients without Ricoh. Later there arose a dispute over tenders to supply MFDs outside the country for a company which had been a regular customer for CMP.4 The court dismissed this on the basis that, the parties were operating on the same levels of distribution chain. The Uniform Commercial Code has much consideration on the offers accepted when the sellers sends written confirmations of acceptance to the buyer5. Another similar cases involved Manchester CC v Gibson [1979] 1 WLR 294. Gibson was an occupier and tenant of a council house and he wished to purchase the house under the â€Å"right to buy scheme†. He received a letter from the council informing him of the willingness of the council to sell the house. Later, the political control of the council changed resulting to revoke of the policy of the right to buy. It was held by the House of Lords that the council never made the offer to sell and, therefore, there could be no valid acceptance. 6 The above scenario can also be related to a case of Manchester CC v Storer 3 All ER 824. In the case, the council had sent an application to purchase a house which was about to be completed. When he completed the form as the instructions required, the council refused to sign and to return the application as they had agreed. When the case was taken to the court, the judge held that, the contract was formed.7 The judicially and the international legal community have tried to find satisfactory ways of deciding the terms of controlling an agreement.8 Another similar case involved Ex- Cell- O corporation (England) Ltd v Butler machine Tool Co. Ltd [1979] 1 WLR 401. Later, a dispute occurred when each company used separate standard form. One company used a form with a price variation which had a clause while the other company used a contract form without a price variation clause. In the case, the House of Lords held that, the contract was based on Ex- Cell- O corporation’s terms be cause it had included an acknowledgement strip which was signed by both parties.9 According to Section 2(207) of The Uniform Commercial Code10, it is assumed that the merchants do not read or understand the terms which are contained on the exchanged forms between the parties involved. This section of contract Law is similar to Article 19 of CISG which emphasizes on the irresponsibility of the merchants for getting clear information of the contract agreement11. In 1975, the United States Court resolved a case between Manning Fabrics Inc. 441 F. Supp., and Lea Tai

Health Care Policy Issues for the Elderly in America Assignment

Health Care Policy Issues for the Elderly in America - Assignment Example The conditions include the stroke, cancer, arthritis, mental disorder, cancer, and other chronic illnesses causing limited or total disability. As people live longer, the major common chronic diseases increase causing a considerable disability and functional dependence requiring services affecting diverse sectors of the economy. The burden of chronic diseases poses a significant challenge for policymakers, providers of long-term care services including families and friends of the victims (Niles- Yokum & Wagner, 2015). Policy issues and challenges for the long-term care emerging from the demographic changes should rectify amicably by the involvement of health care providers. To make profound changes in the formal health care system, health care providers and policymakers must embrace the quality of healthcare for the older citizen. As a part of Affordable Care Act, Congress passed a new Voluntary, long-term insurance policy allowing planning by the individuals for the long-term services (Protection & Act, 2010). The formation of the Living Assistance and Supports Program enables individuals to plan correctly for long-term services as they age. CLASS allows the elderly to spend at home rather than forcing them to spend their life savings or enter the nursing homes. Even though, the initiation of the CLASS project terminates the Congress members believe the issue should be revocable. The Affordable Care Act comprises various funding programs to ensure improvement in the care of the elderly. It improves the available tools creating new options and financial incentives for states to give home and community-based services and support (Powers, 2014). It acts on the limited areas of interests, for example, the home, and community-based services state plan option. For the Qualification of the Medicaid benefits, eligible seniors must have spent most of their resources enabling Medicaid to pay for long-term health care. The seniors with both Medicaid and Medicare covers are dually eligible. Because of the varying rules of Medicaid from State to state, it is important for the low-income seniors to investigate how the state program works. There is a Partnership for Long-Term Care, which combines private long-term care insurance and Medicaid long-term care coverage to support healthcare services. Â  

How does the Islamic religion influence Islamic law Essay

How does the Islamic religion influence Islamic law - Essay Example From the birth to the death, the Muslims across the globe hear the holy sounds of Quran. The holy Quran is regarded as the guide for the lives of all the Muslims across the globe. All Islamic principles and ethics are embedded in it. The finer aspects of Islam and the Islamic Law are ingrained in the holy Quran. The spread of the Islam in this world has been phenomenal. Starting from the cities of the Makkah and Madinah in the Arabian world, the message of the Islam spread at lightning speed. Within 100 years since the death of the Prophet Mohamed, the messages of Islam spread to three continents of the world. In the Western world, the ordinary believe is that that region of Islam has spread at electrifying pace through bloody wars. But this is not true. The sheer appeal of the new Islam religion enticed people to believe in Islamism. The unflinching belief in the existence of One God and the strong emphasis and trust upon His divinity led to large numbers of people embracing Islam. Another important feature of the Islam was that it never adopted the policy to forcefully covert people to Islamism. Even in the modern times, in many Muslim dominated areas in the world, the people of other religions like the Jews and the Christians continued to follow their own religious ideologies.2. Whatsoever, the Islams spread at a rapid pace. The Turks accepted Islamism peacefully. Besides this, many Malay-speaking people and many people in the Indian subcontinent embraced Islamism. Even in many countries in the African and the South American continent, which were under the powerful colonial rulers of the Europe, the Islamism continued to flourish3. It is estimated that the Muslim population throughout the world is in the range 0.7 to 1.8 billion. Nearly one-fourth of the people in the world are adherents of Islam whereas 33% of the world population follows Christianity—by far the largest religion in the world. Given the rising number of followers of Islam, it is estim ated that Muslim will be the largest religion in the world by the middle of the twenty first century4. Indonesia, Pakistan, India, Bangladesh and Nigeria are the most populous Muslim nations. Of the total Muslims in the world, 25% live in the Middle East. In the US, around 6 million people are Muslims5. Living in a multicultural society brings together people from all religious practices, cultures and religions. The impact of law is seen by the different behaviors of people and the consequences they face for their actions. For instance the controversies surrounding headscarves worn by students in Turkish educational institutions and death sentence imparted to women owing to illegal sexual liaisons raise questions in our mind with respect to the origin of such measures or consequences. For the Islamic countries adherence to the Islamic law is important for the social progress in these nations. The administrations are compelled to encounter a disaster of identity and finds its politic al legitimacy challenged such that they will have to alter the principles and the legal structure within the Islamic frame6. The government feels the pressure of incorporating tenets of the Islamic law into the system and therefore some Muslims recommend the realization of the Sharia or the â€Å"Islamization of prevalent law†. The term ‘sharia’ is an Arabic phrase for ‘track’ or ‘road’. â€Å"The term itself actually derives from the noun ‘shara’a’, which reflects the idea of ‘a system of divine law’†7. Susie Steiner (2002), the author of the article ‘

Problem Formulation and Identification Essay Example | Topics and Well Written Essays - 750 words - 1

Problem Formulation and Identification - Essay Example This reduces the cognitive demands involved in making decisions by restricting the range of issues that must be considered. Typically, past experience in similar situations provides guidance in framing situations. Without prior experiences, decision makers must consider a large array of issues to evaluative standards and derive an appropriate interpretation. Computer supported decision making allows to identity the process of determining what knowledge is relevant. It is made in order to act upon the world, to make sure that the future does not look like the past. This process helps to save time and avoid anxiety, delays in decisions and action. Also, computer supported decision making is about making the best decision at given conditions at the moment; it is specifically about process and only indirectly about outcome. In a computer service support organization, decision makers go to great lengths to insure that they have the ability to control key future events, and controllability is factored into their decisions. The main problem is that observed that corporate decision makers usually rely on their "subjective mode" to make decisions, even when extensive, computerized technology is available. Critics explain that because the databases for deriving probabilities and projecting trends consist of records of past events, the probabilities and trends are "backward looking" and therefore of questionable pertinence to decisions that often concern time frames projecting 20 years or more into the future. A decision making expert system allows managers to solve day-to day problems. By the same token, reliance upon data about the past assumes that the world is static; the data are useful only for predicting what will happen if the future looks a great deal like the past, or if identified trends continue (Decision Making Techniques n.d.). For problem identification and formulation, the organization can use balanced scorecard analysis. One first identifies