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Admitting Errors in Projections

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Zero-Based Budget

Sally,
Let's say you worked many long hours preparing your operating budget projections. Satisfied that you covered all the bases, you submitted your report to your Vice President. A week later, you reviewed your calculations and found you grossly overstated your projections. What are the consequences of telling your VP? What are the consequences of if you don't tell your VP?

Reference:
Kimmel, Paul D. (2011) Accounting: Tools for Business Decision Making, (4th Ed). Hoboken, NJ: John Wiley & Sons.

What is your opinion on admitting errors in projections?

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Solution Preview

Thank you for requesting me.

If I found out a week later I had grossly overstated projections I would need to tell my VP immediately. This, of course, has consequences. The first consequence would be allowing my VP to think that I had failed to accurately prepare the projections, due to sloppiness or oversight. In either case, this reflects poorly on my work and will not make my VP think very highly of my work or me. In addition, since the company relies upon my projections for various outputs, it will reflect poorly upon my supervisor and ...

Solution Summary

This solution discusses what the consequences are of admitting an error in a budget to a VP, and the consequences of not admitting an error. Includes APA formatted reference.

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The advantages and disadvantages of various defense mechanisms.

1. What defense mechanisms have you noticed in the people around you?

2. What do you see as the advantages and disadvantages of these defense mechanisms?

Summary table of Defense Mechanisms:

Denial Refusing to acknowledge a painful or threatening reality: Ray, who is told that he has terminal cancer, believes instead that he simply has bronchitis.

Repression Excluding uncomfortable thoughts from consciousness: Lisa, who was once caught shoplifting when she was in high school, has no recollection of the embarrassing event.

Projection Attributing one's own repressed motives, feelings, or wishes to others: Marilyn is unfairly passed over for a promotion; she denies that she is angry about this, but is certain that her supervisor is angry with her.

Identification Taking on the characteristics of someone else to avoid feeling incompetent: Anthony, uncertain of his own attractiveness, takes on the dress and mannerisms of a popular teacher.

Regression Reverting to childlike behavior and defenses: Angry because his plan to reorganize his division has been rejected, Bob throws a tantrum.

Intellectualization Thinking abstractly about stressful problems as a way of detaching oneself from them: After learning that she has not been asked to a classmate's costume party, Tina coolly discusses the ways in which social cliques form and how they serve to regulate and control school life.

Reaction formation Expression of exaggerated ideas and emotions that are the opposite of one's repressed beliefs or feelings: At work, Michael loudly professes that he would never take advantage of a rival employee, though his behavior indicates quite the opposite.

Displacement Shifting repressed motives from an original object to a substitute object: Angry at his instructor's unreasonable request that he rewrite his term paper, but afraid to confront his instructor, Nelson comes home and yells at his house mates for telling him what to do.

Sublimation Redirecting repressed motives and feelings into more socially acceptable channels: The child of parents who never paid attention to him, Bill is running for public office.

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