Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Capital budget proposals are typically presented to the CEO, CFO, COD, and controller. For this reason, managers need to make sure that capital budget proposals

image text in transcribed
Capital budget proposals are typically presented to the CEO, CFO, COD, and controller. For this reason, managers need to make sure that capital budget proposals include relevant supporting documentation and financial analysis to support the proposed request. The goal is to obtain approval. Discuss the various ways that you as manager of your department can ensure that you prepare the best proposal possible. Include relevant resources and any action steps needed for this process. In response to your peers, provide any recommendations for proposal success. Because the annual budget can be more accurate by receiving input from each department manager this is often best practice for any organization. This allows the organization the benefit of getting the most accurate projections for each department for the capital budget proposal. As a manager it would be important for me to keep in mind what it is the organization hopes to achieve in the coming year and the potential financial responsibilities that will arise from these goals. I would familiarize myself with the departments financial statements and balance sheets from the past couple years to be sure my proposal supported the organizations ability to grow and achieve their set financial, service and organizational goals. Since budgets and real-world forecasting support financial control it will be important that my proposal utilize one of the four commonly used forecasting techniques. Keeping in mind that the more specific the technique used is, the costlier to the organization it can be when computer software is involved. To ensure that I as a manager I am providing the best possible proposal to my organization I would use one of the most commonly used techniques which include simple linear regression, curvilinear regression, multiple regression and specific item forecasting (Gapenski 8: Pink, 2015). Each one offers a different level of analysis for the organization to be able to assess the correlations among revenue, inventories, balances etc. Each technique will supply a different graph for the organization to have a visual representation to assess the company's financial position on with the proposed budget. These documents that are produced express managements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

From Calculus To Analysis

Authors: Steen Pedersen

1st Edition

3319136410, 9783319136417

More Books

Students also viewed these Mathematics questions

Question

Why is repatriation orientation and training needed?

Answered: 1 week ago