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Date Submitted: 06/24/2012 06:08 AM
B716 Tutor-marked assignments:
TMA 03: Financial Management
Kieran Barnes
Candidate number: B4862310
25 February 2010
Word count:
Part 1: 962
Part 3: 893 (excluding tables) (
Tutor: Julie Davies
Hubble LLP – Internal Memo
|To: |Hubble Senior Management ( |
|Cc: |Andy Brown, Chief Financial Officer |
|From: |Kieran Barnes, Senior Cost Controller |
|Date: |26 February 2011 |
|Subject: |Proposal for budgets to be prepared prior to quarterly board meetings |
Please indicate which parts of each question you are answering so it is easier for the marker to allocate marks according to the marking scheme – in assignments and in the exam
Introduction
1. At the board meeting on 15 November 2010, we were asked to
• Investigate and understand the performance of Hubble Staff (Staff) and Hubble Strategy (Strategy); and
• Improve the rigour of the organisation’s overall budget planning.
In this paper, we consider the role that budgeting and costing can play in supporting the Board’s decision making.
1b. Advantages of budgeting
2. Budgeting is an integral part of managing an organisation. It has a key role in turning a business strategy( into a set of organisational and departmental goals ( based on a rational (what about the role of judgement, intuition?) quantitative process. Setting of a budget should be considered as the board’s way of articulating (to management what is expected of them and how much resources will be made available over the following period.
3. Once set a budget would enable...