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    Sources of Budget Information

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    Rank the following in order of their reliability as sources of budget information, and explain why you have assigned each item its rank in the list.

    Wild guesses.
    Last year's numbers.
    Estimates (educated guesses).
    Industry averages.
    Probable actual expenses.
    Non-competing, similar companies.
    Company personnel (below executive level).

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    Solution Preview

    6) Wild guesses-Budgeting requires written facts, not just hear say.
    2) Last year's numbers-Provide some good information for this year's budget (e.g. projected cash flow, ...

    Solution Summary

    Budget information can come form a variety of sources. Those sources sometimes have priorities from the most important to the least important.