Pros and Cons of Preparing Annual Company Budgets Analysis
Can you help me understand this Management question?
Analyze the major pros and cons of preparing annual company budgets. Identify at least two (2) critical budget line items that you believe are essential for managing your company. Provide a rationale for your response.
One way to monitor a company is to break it into different centers or business units. For example, a Revenue Center oversees the sales teams while the Cost Center focuses on making the product or delivering the services. If the company maintains a store or locations that handles both revenue and costs, this is called a Profit Center. Managers of each center have their own budgets and are held accountable for achieving it. Analyze the most common responsibility reporting systems. From your analysis, argue at least one (1) pro and one (1) con of using responsibility reporting systems.
- Issues in Information Systems Discussion Response
In my personal opinion, I think that the team members are responsible for achieving the goals and objectives of the firm. In addition, the team members must be needed special care of treatment in order to fulfill their demands and needs. This will help the firm to achieve its goals in a prominent manner. Moreover, the objectives of the team members must be shared among each other by which every member of the team can perform in an effective way (Hambrick, 2015). In the article “Building Team Cohesion: Becoming “We” Instead of “Me” the writers stress the significance of not losing the “human minute” which they characterize as “not to lose the amazing effect of the employee, prompt connection continuously and space.” Furthermore, the creators mainly help a business firm to develop its performance by developing the performance of the team members. In the same context, the team member’s performance will help the organization to determine its goals and objectives.
On the other hand, it is correspondence in the “human moment” that most strongly makes bunch agreeable vitality the essentials that truly makes “the whole more important than the aggregate of its parts.” It is correspondence in the “human moment” that furthermore most seriously makes bunch association – a strong sentiment of steadfastness and obligation to the gathering vision as one’s own. Therefore, the goals and objectives of the firm will be determined by the performance of the team members. The team member’s performance can also be achieved by developing a suitable working environment for the firm. Thus, it will help the firm to achieve its goals and objectives in an effective way.
New skills acquired from the class
It is correspondence in the “human minute” that most intensely makes group cooperative energy the vitality that really makes “the entire more noteworthy than the total of its parts.” It is correspondence in the “human minute” that additionally most intensely makes group union – a solid feeling of unwaveringness and duty to the group vision as one’s own (McCaffery, 2018).”
Applying the new knowledge
As in my opinion, I think that team management will mainly help a business firm to manage the employees in an effective way. In addition, the team management must be developed in such a manner by which the team can perform well in the firm which will further help the organization to achieve its goals and objective. It is also very important for the management of the organization to manage the team members so that the goals can be achieved in a prominent manner. On the other hand, I also feel that the team members must try to analyze and develop their performance in such a manner so that the goals and objectives of the firm can be achieved. It is also to be noted that the team member’s performance will mainly help the firm to determine its performance.