Purchase Solution

Understanding Flexible Budgets/Strategic and Financial Planning

Not what you're looking for?

Ask Custom Question

- What are the roles played by a budget and how many budget types are available?
- Under what conditions is a flexible budget likely to be more effective than a forecast budget?
- What is your understanding of strategic planning and financial planning?
- What if financial planning is not aligned with strategic planning? What are the consequences?

Purchase this Solution

Solution Summary

Your tutorial is 403 words and two references and describes manufacturing, operating, financial and strategic budgets and their roles. Best uses for flexible budgets are given.

Solution Preview

Budgets play a number of roles. Their primary role is to assist with the planning for resources and activities and communicating those plans across the organization. However, budgets can also help to coordinate across departments, create buy-in with managers, educate teams about initiatives and cost behaviors, and act as an authorizing document to control resources.

There are many types of budgets. The typical master budget includes a production budget, labor budget, materials budget, overhead budget, operating budget, cash budget, budgeted income statement, budgeted balance sheet and budgeted cash flow statement. The beginning of the year budget is usually the static budget. At the end of the year, firms can create a flexible budget to review ...

Solution provided by:
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
Recent Feedback
  • "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
  • "Thank, this is more clear to me now."
  • "Awesome job! "
  • "ty"
  • "Great Analysis, thank you so much"
Purchase this Solution

Free BrainMass Quizzes

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Lean your Process

This quiz will help you understand the basic concepts of Lean.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.