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"Real-World" Best Practices for Which a Budget Analyst Should Strive.

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1. Choose and describe two (2) "real-world" best practices a budget analyst should strive
to apply.
2. Choose and describe two (2) worst practices a budget analyst should avoid.
3. State whether you think the choices of best and worst practices depend on the level of government in which the budget analyst serves. Justify your answer.

References:

Mikesell, J. L. (2010). Fiscal administration: Analysis and applications for the public sector (8th ed.: 2010 custom edition). Mason, OH: Cengage Learning.

Occupational Handbook 2010-11 Edition http://www.bls.gov/oco/ocos003.htm

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Best practices in budgeting

In industry, the best "real world" budgeting practices were nicely summarized by Rogers (INC, 2008):
1. Identify information needs
2. Report by market segment
3. Integrate financial analyses
4. Use cost-volume-profit analysis
5. Improve information systems
6. Understand information limits
7. Use activity-based costing

Some of these are more applicable to for-profit setting because they help the firm to discern profits and product pricing. However, many of the principles apply in any setting. A report from the National Organization of Finance Officers recommends that budgets be the basis for "development of organizational goals, establishment of policies and plans to achieve these goals, and allocation of resources through the budget process that are consistent with goals, policies, and plans. There is also a focus on measuring performance to determine what has been accomplished with scarce government resources." This is not far from what for-profit organizations claim as their central budget goals.

1. Choose and describe two (2) "real-world" best practices a budget analyst should strive
to apply.

A good budget clearly reflects the organization's goals and informational needs.

What are the goals? And what types of data are ...

Solution Summary

Your tutorial is 746 words plus two references (one attached). Best practices in industry are mentioned (just a bullet list) and then distinctions to governmental budgets are made. Two best and two worst practices are mentioned and then defended as "classics" important to any level of government.

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