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Select and Design a Budget Proposal

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Choose a proposal type and prepare a paper selecting one of the following elements in budget proposals:

a. Itemized budget
b. Non-itemized budget
c. Fixed budget
d. Flexible budget

Additionally, compare and contrast the four principles of design and discuss which principle would be most applicable for your proposal style and budget element.

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The response addresses the queries posted in 1143 Words, APA References

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The response addresses the queries posted in 1143 Words, APA References

Budget Elements of Proposal

Budget Proposals

Amongst the various proposal types, I have selected the 'flexible budget' proposal, which has a great importance for the dynamic or seasonal type of business and industry. In the competitive era, this type of budget proposal plays an important role in the business. In this type of budget proposal adjustments is very simple or easy according to the changing economic environment or business conditions, so that it will be easy to cope with the future contingencies efficiently. Flexible budget estimates costs at several levels of activity (What is a flexible budget, 2008).

The following are the vital reasons for preferring flexible budget proposal: dynamic nature of the business, dynamic economic conditions, and variable government policies, financial limitations of the business concerns, natural circumstances, tough competition, and changes in the consumer's interest or preference. Thus, it is considered that only the flexible budget in comparison to the other budgets proposals will able to overcome with such type of problems.

This budget is prepared for various activity levels of production. It shows the volume of sales, cost and profit or loss, which is possible at various levels of production capacity. Flexible budget adjusts the change, which is essential due to change in business conditions/ external factors or future contingencies. It has a place for change and it is very easy to change. Thus, it is helpful to compare the actual performance at any level of production capacity. This type of budget proposal provides a better opportunity for planning and controlling. In this type of budget, financial department easily estimated various costs and expenditures on the basis of the standard cost at various levels of activity from the different levels i.e. minimum to maximum.

The main reason behind selecting this budget proposal is that it ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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