Instructions and Assignment attached. Use APA Citations and ReferencesBudgeting is an important part of an organization’s overall planning. Through budgeting, each part of an organization’s structure can be identified for decision making and control. For example, if the budget shows that one million units are to be sold in the next 3 months, the sales department knows that it must achieve that goal. At the end of the first month, the sales department can determine by looking at the budget if it is on track or not and what decisions it must make to meet the goal. A reasonable budget can allow an organization to allocate resources and provide a plan and direction for the organization. A budget can also help measure performance and ensure that managers are held accountable for their decisions.
**To prepare for this Discussion, “Shared Practice: Evaluating the Budgeting Process,” take a moment to think about your organization or an organization you are familiar with. Consider the importance of the budgeting process, forecasting, and strategic planning for informing how the organization operates with regard to decision making.

**Note:

 If you are not in the position where you are involved in budgeting processes, interview either someone in your organization or a professional outside of your organization who can provide you with this information. Be sure to identify the position held by this person in your post.

**Post the following:

· Provide an evaluation of how forecasting, strategic planning, and budgeting processes impact your organization.
· Provide 2–3 examples from your professional experience in your current or former organization, or from your interview, to support your position. Be sure to include specific budgeting tools used by the organization.
· Identify the key stakeholders in the budgeting process at the organization and explain how they are involved in the processes.
· Explain how knowledge of forecasting, strategic planning, and budgeting processes might impact your decisions in the organization you currently work for or one that you will work for in the future.

Article attached

Reference:

Shastri, K., & Stout, D. E. (2008). Budgeting: Perspectives from the real world. Management Accounting Quarterly, 10(1), 18-25. Retrieved from https://ezp.waldenulibrary.org/18M A N A G E M E N T A C C O U N T I N G Q U A R T E R L Y F A L L 2 0 0 8 , V O L . 1 0 , N O . 1

T
he value of the budgeting process has been

the subject of intense debate over the past

few years. In their 2003 book, Beyond Budget-

ing, Jeremy Hope and Robin Fraser suggest

that the traditional budgeting process is out-

dated and dysfunctional and, therefore, should be aban-

doned.1 Alternatively, a 2007 survey by Theresa Libby

and R. Murray Lindsay offers evidence that senior

accounting and finance managers find the budgeting

process to be more helpful than harmful overall and

that there is a perception that operating managers could

not function well without budgets.2

The Libby and Lindsay study provides answers to

some important, but general, questions regarding the

budgeting process, including whether accounting and

finance managers’ organizations planned to abandon

budgeting and whether respondents agreed with some

of the major criticisms of the budgeting process.

We conducted a follow-up survey to the Libby and

Lindsay study with the goal of providing answers to

some more-detailed questions:

◆ How are budgets in modern (for-profit) organizations

prepared? That is, what are the descriptive charac-

teristics of the budgeting process as used today?

◆ Does budgeting add value for organizations? If so,

how?

◆ How satisfied are finance and accounting managers

regarding the role that budgets play within an

organization?

◆ What are the primary behavioral consequences, both

positive and negative, of using budgets?

◆ What is the relationship, if any, between budgets

and other management processes—i.e., are they

integrated in any meaningful sense?

Budgeting:
Perspectives from
the Real World

A SURVEY OF SENIOR ACCOUNTING AND FINANCE MANAGERS EXAMINES THE BUDGETING

PROCESS AT FOR-PROFIT COMPANIES, INCLUDING THE USEFULNESS

AND PERCEIVED VALUE OF THE PROCESS, USERS’ SATISFACTION WITH IT, AND THE

IMPEDIMENTS AND CHALLENGES TO BUDGETING.

B Y K A R E N S H A S T R I , P H . D . , C P A , A N D D A V I D E . S T O U T , P H . D .

19M A N A G E M E N T A C C O U N T I N G Q U A R T E R L Y F A L L 2 0 0 8 , V O L . 1 0 , N O . 1

THE SURVEY

In November 2007, questionnaires were sent via e-mail

to 29,501 members of the Institute of Management

Accountants (IMA®) who, based on job title, were like-

ly involved in the budgeting process. These members

included general management, corporate management,

public accounting, general accounting, cost accounting,

and environmental accounting staff members. Partici-

pants were asked to respond to questions based on their

position in the organization (i.e., “company-level” or

“segment-level,” where “segment” was defined vari-

ously as a subsidiary, division, department, or product

line).

A total of 815 members completed the survey.

Because the focus of our study was for-profit entities, as

with the Libby and Lindsay study, we excluded

respon




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