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Without clearly outlined budgets, corporations are unable to predict profits or losses or create plans for the future. This handbook shows controllers and budget directors how to create any style of budget, from the traditional approach to the cutting-edge, activity-based approach. No other management tool provides the operational direction that a well-planned budget does, and no other book provides such a complete guide to preparation, presentation, analysis, and effective use.

This book is supplemented annually.

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CONTENTS

PART ONE INTRODUCTION TO THE BUDGETING PROCESS

 1 Budgeting and the Managerial Process = 1·1

  1.1 Functions Performed by the Budgeting Process = 1·1

  1.2 Overview of the Budgeting Process = 1·2

  1.3 Budget Documentation = 1·4

  1.4 Impediments to Effective Budgeting = 1·6

  1.5 What Is Effective Management? = 1·6

  1.6 Budgets as a Control Tool = 1·7

  1.7 Budgets, Standard Costs. and Variance Analysis = 1·7

  1.8 What Do Variances Reveal? = 1·8

  1.9 Attributes of Effective Standards = 1·8

  1.10 Effectiveness of Budgets as a Control Tool = 1·8

  1.11 Environment = 1·9

  1.12 Strategic Planning／Organizational Scanning = 1·12

  1.13 Summary = 1·12

  Sources and Suggested References = 1·13

 2 Budgeting and the Strategic Planning Process = 2·1

  2.1 Definition of Strategic Planning = 2·1

  2.2 Planning Cycle = 2·1

  2.3 Strategic Planning Process: A Dynamic Cycle = 2·4

  2.4 Situation Analysis = 2·5

  2.5 Business Direction／Concept = 2·16

  2.6 Alternate Approaches = 2·18

  2.7 Operational Plan = 2·20

  2.8 Measurement = 2·25

  2.9 Feedback = 2·25

  2.10 Contingency Planning = 2·26

  2.11 Problems in Implementing Formal Strategic Planning Systems = 2·27

  2.12 Summary = 2·28

  Sources and Suggested References = 2·28

 3 Budgeting and Its Relationship to the Economic Environment = 3·1

  3.1 Introduction = 3·1

  3.2 Significance of Economic Factors = 3·1

  3.3 Process = 3·6

  3.4 Forecasting = 3·14

  3.5 Specialized Economic Inputs = 3·24

  3.6 Summary = 3·26

  Sources and Suggested References = 3·27

 4 The Budget : An Integral Element of Internal Control = 4·1

  4.1 Introduction = 4·1

  4.2 The Control Environment = 4·2

  4.3 Planning Systems = 4·4

  4.4 Reporting Systems = 4·6

  4.5 Summary = 4·8

  Sources and Suggested References = 4·9

PART TWO TOOLS AND TECHNIQUES

 5 Cost Behavior and the Relationship to the Budgeting Process = 5·1

  5.1 Introduction = 5·1

  5.2 Cost Behavior = 5·1

  5.3 Break-Even Analysis = 5.4

  5.4 Additional Cost Concepts = 5·8

  5.5 Differential Cost Concepts = 5·10

  5.6 Maximizing Resources = 5·13

  5.7 Estimating Costs = 5·14

  5.8 Summary = 5·17

  Sources and Suggested References = 5·17

 6 Cost-Accounting Systems : Integration with Manufacturing Budgeting = 6·1

  6.1 Introduction = 6·1

  6.2 Decision Factors in the Selection Process = 6·2

  6.3 Cost-Accounting System Options = 6·2

  6.4 Costs Associated with a Product = 6·4

  6.5 Variable Costing and Budgeting = 6·4

  6.6 Full Costing and Budgeting = 6·19

  6.7 Cost-Accumulation Procedures = 6·23

  6.8 Valuation : Actual Versus Standard = 6·25

  6.9 Actual Costing = 6·26

  6.10 Actual Costing, Budgeting. and Cost Control = 6·29

  6.11 Standard Costing = 6·29

  6.12 Variance Reporting = 6·33

  6.13 Variances and Budgeting = 6·38

  6.14 Manufacturing Overhead = 6·38

  6.15 Manufacturing Overhead, Budgeting, and Cost Control = 6·49

  Sources and Suggested References = 6·49

 7 Break-Even and Contribution Analysis as a Tool in Budgeting = 7·1

  7.1 Introduction = 7·1

  7.2 Break-Even Analysis = 7·1

  7.3 Price／Volume Chart = 7·5

  7.4 Contribution Analysis = 7·5

  7.5 Cost-Volume-Price and the Budgeting Process = 7·9

  Sources and Suggested References = 7·10

 8 Profitability and the Cost of Capital = 8·1

  8.1 Introduction = 8·1

  8.2 A Market Gauge for Performance = 8·3

  8.3 Coping with the Cost of Equity = 8·3

  8.4 Building Company-Wide Profit Goals = 8·5

  8.5 Building Divisional Profit Goals = 8·7

  8.6 Information Problems and Cost of Capital = 8·12

  8.7 Summary = 8·13

  Sources and Suggested References = 8·13

 9 Budgeting Shareholder Value = 9·1

  9.1 Introduction = 9·1

  9.2 Long-Term Valuation = 9·3

  9.3 Economic Value Added = 9·6

  9.4 Complementary Measures of Valuation = 9·11

  9.5 Budgeting Shareholder Value = 9·13

  9.6 Summary = 9·15

  Sources and Suggested References = 9·16

 10 Applying the Budget System = 10·1

  10.1 Introduction = 10·1

  10.2 Initial Budget Department Review of Divisional Budget Packages = 10·3

  10.3 Divisional Review Meetings = 10·3

  10.4 Budget Consolidation and Analysis = 10·6

  10.5 Preliminary Senior Management Review = 10·6

  10.6 Final Revision of Operating Group Plans = 10·6

  10.7 Second Budget Staff Review of Operating Group Plans = 10·6

  10.8 Revised Consolidated Budget Preparation = 10·7

  10.9 Final Senior Management Budget Review Sessions = 10·7

  10.10 Operating Groups' Monthly Submissions = 10·7

  10.11 Effective Use of Computer-Based Spreadsheets and Graphics Programs = 10·7

  10.12 Summary = 10·8

  Sources and Suggested References = 10·8

 11 Budgets and Performance Compensation = 11·1

  11.1 Introduction = 11·1

  11.2 Measures of Executive Performance = 11·1

  11.3 Structuring Reward Opportunities = 11·9

  11.4 Pitfalls of Linking Incentives to Budgets = 11·10

  11.5 An Optimal Approach = 11·12

  11.6 Adjusting Operating Unit Targets = 11·16

  11.7 Budgets and Long-Term Incentive Plans = 11·18

  11.8 Summary = 11·20

  Sources and Suggested References = 11·20

 12 Techniques of Scheduling Budgets = 12·1

  12.1 Introduction = 12·1

  12.2 Gantt Charts = 12·1

  12.3 Planning Charts = 12·6

  12.4 Critical-Path Method = 12·6

  12.5 Controlling the Budget Schedule with the Critical-Path Method = 12·13

  12.6 Computer Software for the Critical-Path Method = 12·13

  12.7 Computer Software Results = 12·14

  12.8 Summary = 12·16

  Sources and Suggested References = 12·16

PART THREE PREPARATION OF SPECIFIC BUDGETS

 13 Sales and Marketing Budget = 13·1

  13.1 Introduction = 13·1

  13.2 Overview of the Budget Process = 13·1

  13.3 Special Budgeting Problems = 13·6

  13.4 Pertinent Tools = 13·9

  13.5 Unique Aspects of Some Industries = 13·13

  13.6 Summary = 13·14

  Sources and Suggested References = 13·14

 14 Manufacturing Budget = 14·1

  14.1 Introduction = 14·1

  14.2 Concepts = 14·6

  14.3 Changing to a Cost-Management System = 14·7

  14.4 Problems in Preparing the Manufacturing Budget = 14·12

  14.5 Three Solutions = 14·14

  14.6 Technique = 14·15

  14.7 Determining Production Requirements = 14·16

  14.8 Step 1 : Developing the Plannable Core = 14·17

  14.9 Step 2 : Obtaining Sales History and Forecast = 14·17

  14.10 Step 3 : Scheduling New and Revised Product Appearance = 14·19

  14.11 Step 4 : Determining Required Inventory Levels = 14·20

  14.12 Step 5 : Establishing Real Demonstrated Shop Capacity = 14·21

  14.13 Step 6 : Publishing the Master Schedule = 14·27

  14.14 A Total Quality Program - The Other Alternative = 14·28

  14.15 Inventory and Replenishment = 14·33

  14.16 More on the Manufacturing Budget = 14·37

  14.17 Determining Raw-Material Requirements = 14·37

  14.18 Determining Other Indirect-Material Costs = 14·39

  14.19 Determining Direct-Labor Costs = 14·40

  14.20 Establishing the Manufacturing Overhead Functions and Services = 14·43

  14.21 Quality Control Economics Review Questions = 14·49

  14.22 Plant Engineering Buildings and Equipment Maintenance Review Questions = 14·50

  14.23 Floor and Work-in-Process Control Review Questions = 14·51

  14.24 Summary = 14·53

  Sources and Suggested References = 14·55

 15 Research and Development Budget = 15·1

  15.1 The Relationship of Research and Development and Engineering to the Total Budgeting Process = 15·1

  15.2 Problems in Establishing Research and Development and Engineering Objectives = 15·4

  15.3 Developing a Technological Budget = 15·9

  15.4 Preparing a Departmental Budget = 15·25

  15.5 Managing a Budget = 15·28

  15.6 Coordinating Project Budgets = 15·35

  Sources and Suggested References = 15·36

 16 Administrative-Expense Budget = 16·1

  16.1 Introduction = 16·1

  16.2 Role and Scope of the Administrative-Expense Budget = 16·1

  16.3 Methods Used for Preparing the Administrative-Expense Budget = 16·5

  16.4 Factors That Impact the Administrative-Expense Budget = 16·8

  16.5 Unique Issues Impacting the Administrative-Expense Budget = 16·9

  16.6 Tools and Techniques for Managing the Administrative-Expense Budget = 16·10

  16.7 Summary = 16·12

  Sources and Suggested References = 16·12

 17 Budgeting Payroll Costs = 17·1

  17.1 Introduction = 17·1

  17.2 Overview of the Payroll Function = 17·4

  17.3 Relationship with Human Resource Function = 17·8

  17.4 Major Components of Payroll Costs = 17·9

  17.5 Conditions and Factors Affecting Payroll Costs = 17·13

  17.6 Choices and Decisions : Outsourcing, Acquisition, and Development = 17·19

  17.7 Organizational Factors Affecting Cost = 17·23

  17.8 Traditional and Contemporary Budgeting Approaches = 17·24

  17.9 Smart Budgeting(Spending Money to Save Money) = 17·28

  17.10 Thinking Beyond Borders and Stovepipes = 17·29

  17.11 Innovative Methods for Recovering Costs Incurred = 17·29

  17.12 Cyclical Payroll Expense Patterns Impacting Budgeting and Forecasting = 17·31

  17.13 Use of Total Quality Management = 17·31

  17.14 Putting Technology to Work = 17·37

  17.15 Budgeting Tasks and Calendar = 17·44

  17.16Management and Leadership Approaches = 17·45

  17.17 Summary = 17·45

  Sources and Suggested References = 17·46

 18 Budgeting the Purchasing Department and the Purchasing Process = 18·1

  18.1 Description and Definition of the Process Approach = 18·1

  18.2 Role of Process Measures = 18·5

  18.3 Process Measures = 18·6

  18.4 Creating the Procurement Process Budget = 18·10

  Sources and Suggested References = 18·11

 19 Capital-Investment Budgeting Process = 19·1

  19.1 Introduction = 19·1

  19.2 Reasons for Capital Investments = 19·1

  19.3 Capital-Investment Budgeting Procedures = 19·2

  19.4 Search for New Projects = 19·3

  19.5 Input Data for Project Evaluation = 19·3

  19.6 Capital-Investment Budgeting Considerations = 19·10

  19.7 Summary = 19·17

  Sources and Suggested References = 19·19

 20 Capital-Expenditure Evaluation Methods = 20·1

  20.1 Introduction = 20·1

  20.2 Time Value of Money = 20·1

  20.3 Discounted Cash-flow Rate of Return = 20·4

  20.4 Net Present Value = 20·7

  20.5 Accounting Rate of Return = 20·10

  20.6 Payback Period = 20·11

  20.7 MAPI Technique = 20·13

  20.8 Capital Budgeting Techniques in Practice = 20·13

  20.9 Risk-Analysis Technique = 20·13

  20.10 Sensitivity-Analysis Technique = 20·16

  20.11 Critical Look at Risk and Sensitivity Analyses = 20·17

  20.12 Lease-versus-Buy Analysis Techniques = 20·19

  20.13 Summary = 20·21

  Sources and Suggested References = 20·21

  Appendix : Compound Value and Present Value Tables = 20·23

 21 Leasing = 21·1

  21.1 Introduction = 21·1

  21.2 Overview of the Leasing Process = 21·1

  21.3 Possible Advantages of Leasing = 21·5

  21.4 Possible Disadvantages of Leasing = 21·6

  21.5 Types of Lease Sources = 21·6

  21.6 Lease Reporting = 21·8

  21.7 Lease-versus-Purchase Analysis = 21·15

  21.8 FASB Rule 13 Case Illustration = 21·18

  21.9 Negotiation of Leases = 21·20

  21.10 Selecting a Lessor = 21·20

  21.11 Lease-Analysis Techniques = 21·21

  21.12 Lease Form = 21·26

  21.13 Summary = 21·32

  Sources and Suggested References = 21·33

 22 Cash Management and Budgeting = 22·1

  22.1 Introduction = 22·1

  22.2 Purpose of Cash Budgeting = 22·2

  22.3 Statement of Cash Flow = 22·3

  22.4 Using the FASB 95 Format = 22·4

  22.5 Developing a Cash Budget = 22·12

  22.6 Impact of Economic Indicators and Industry Trends = 22·12

  22.7 Role of the Financial Manager = 22·14

  22.8 Cash-Management Techniques = 22·16

  22.9 Types of Financing = 22·23

  22.10 Summary = 22·26

  Sources and Suggested References = 22·26

 23 Balance-Sheet Budget = 23·1

  23.1 Introduction = 23·1

  23.2 Purpose of the Balance-Sheet Budget = 23·1

  23.3 Definition = 23·1

  23.4 Responsibility for the Budget = 23·2

  23.5 Types of Financial Budgets = 23·6

  23.6 Preparing Financial Budgets = 23·7

  23.7 Preparing the Balance-Sheet Budget = 23·9

  23.8 Adequate Cash = 23·38

  23.9 Financial Ratios = 23·39

  23.10 Analyzing Changes in the Balance Sheet = 23·45

  Sources and Suggested References = 23·51

 24 Budgeting for International Operations = 24·1

  24.1 Introduction = 24·1

  24.2 "Top-to-Bottom" Qualitative Review = 24·2

  24.3 Operating and Capital Budgets = 24·3

  24.4 Regional／Group Budget Reviews = 24·3

  24.5 Publication of Integrated Planning Document = 24·4

  24.6 Strategic Direction Paper = 24·4

  24.7 Distribution of SDP／Receipt of Draft IPD = 24·8

  24.8 Budget-Review Procedure = 24·9

  24.9 Integrated Planning Document = 24·10

  24.10 Monthly Reporting Procedures = 24·14

  24.11 Budgeting for Headquarters Operations = 24·17

  24.12 Alternative Organizations of International Business = 24·18

  Sources and Suggested References = 24·19

 25 Understanding Foreign Exchange Transactions = 25·1

  25.1 Foreign Exchange Rates = 25·1

  25.2 Impact of Foreign Exchange on Operating Exposure Management = 25·7

  Sources and Suggested References = 25·10

 26 Budgeting Property and Liability Insurance Requirements = 26·1

  26.1 Introduction = 26·1

  26.2 Role Risk Management Plays in the Budgeting Process = 26·2

  26.3 Types of Insurance Mechanisms = 26·3

  26.4 Role of Insurance／Risk Consultants = 26·4

  26.5 Use of Agents／Brokers = 26·4

  26.6 Self-Insurance Alternatives = 26·5

  26.7 Identifying the Need for Insurance = 26·7

  26.8 Key Insurance Coverages = 26·9

  26.9 Identifying Your Own Risks = 26·14

  26.10 How Can One Budget for Casualty Premiums? = 26·16

  26.11 Summary = 26·19

  Sources and Suggested References = 26·19

PART FOUR BUDGETING APPLICATIONS

 27 Zero-Based Budgeting = 27·1

  27.1 Introduction = 27·1

  27.2 Problems with Traditional Techniques = 27·1

  27.3 Zero-Based Approach = 27·2

  27.4 Zero-Based Budgeting Procedures = 27·4

  27.5 Decision Package = 27·5

  27.6 Ranking Process = 27·9

  27.7 Completing the Profit and Loss = 27·12

  27.8 Preparing Detailed Budgets = 27·15

  27.9 Summary = 21·17

  Sources and Suggested References = 27·18

 28 Bracket Budgeting = 28·1

  28.1 Introduction = 28·1

  28.2 Application of Bracket Budgeting = 28·1

  28.3 Premises to Profits? = 28·2

  28.4 Developing a Tactical Budgeting Model = 28·3

  28.5 Bracket Budgeting in Annual Planning = 28·21

  28.6 Consolidating Income Statements = 28·21

  28.7 Summary of Benefits = 28·22

  28.8 Summary = 28·23

  Sources and Suggested References = 28·23

 29 Budgeting for Total Quality Management = 29·1

  29.1 Introduction = 29·1

  29.2 Definitions and Concepts = 29·4

  29.3 Applying Quality Concepts = 29·6

  29.4 Focusing on the Customer = 29·7

  29.5 Total Quality Management Model = 29·9

  29.6 Phases of Implementation = 29·14

  29.7 Budgeting for Total Quality Management = 29·17

  29.8 Return on Investment = 29·19

  29.9 Industry Examples and Strategies = 29·21

  29.10 Summary = 29·24

  Sources and Suggested References = 29·25

 30 Program Budgeting : Planning, Programming, Budgeting = 30·1

  30.1 Introduction = 30·1

  30.2 Description of Program Budgeting = 30.1

  30.3 History = 30·6

  30.4 Framework of Program Budgeting = 30·11

  30.5 Program Structuring = 30·22

  30.6 Types of Analysis = 30·25

  30.7 Installation Considerations = 30·32

  30.8 Summary = 30·35

  Sources and Suggested References = 30·38

 31 Activity-Based Budgeting = 31·1

  31.1 Introduction = 31·1

  31.2 Traditional Budgeting Does Not Support Excellence = 31·2

  31.3 Activity-Based Budgeting Definitions = 31·4

  31.4 Activity-Based Budgeting Process = 31·6

  31.5 Linking Strategy and Budgeting = 31·7

  31.6 Translate Strategy to Activities = 31·11

  31.7 Determine Work Load = 31·13

  31.8 Activity-Based Budgeting Calendar = 31·14

  31.9 Create Planning Guidelines = 31·14

  31.10 Identify Interdepartmental Projects = 31·14

  31.11 Improvement Process = 31·17

  31.12 Finalizing the Budget = 31·17

  31.13 Performance Reporting = 31·18

  31.14 Summary = 31·20

  Sources and Suggested References = 31·20

 32 Computer Applications in Budgeting = 32·1

  32.1 Value of Computers in the Budgeting Process = 32·1

  32.2 How to Choose a Computer System = 32.1

  32.3 Choosing an Effective Software System = 32·2

  32.4 Microcomputer Overview and Needs Assessment = 32·5

  32.5 Budgeting Applications and Their Relationship to Other Corporate Systems = 32·6

  32.6 Micro-to-Mainframe Link = 32·14

  32.7 Implementing the System = 32·14

  32.8 Summary = 32·15

 33 Fuzzy Logic Applied to Budgeting : An Intuitive Approach to Coping with Uncertainty = 33·1

  33.1 Current Budgeting Environment = 33.1

  33.2 Potential of Fuzzy Logic in Budgeting = 33·1

  33.3 Need for Innovative Thinking = 33·2

  33.4 Limitations of Current Approaches = 33·2

  33.5 Basic Elements of Fuzzy Modeling = 33·2

  33.6 Example of Fuzzy Logic Modeling in the Operating Budget Application = 33·7

  33.7 Future Issues = 33·18

  Sources and Suggested References = 33·18

 34 Behavioral Aspects of Budgeting = 34·1

  34.1 Introduction = 34·1

  34.2 Behavioral Assumptions = 34·4

  34.3 Human Motivation = 34·7

  34.4 Budgets and Motivation = 34·10

  34.5 Budgets and Participation = 34·12

  34.6 Behavioral Lessons of Budgeting = 34·18

  34.7 Summary = 34·19

  Sources and Suggested References = 34·20

PART FIVE INDUSTRY BUDGETS

 35 Budgeting in Nonprofit Organizations = 35·1

  35.1 Introduction = 35·1

  35.2 Nonprofit Sector = 35·1

  35.3 Nonprofit Budgeting Characteristics = 35·4

  35.4 Nonprofit Budget Process = 35·13

  35.5 Tools for Use in Nonprofit Budgeting = 35·29

  Sources and Suggested References = 35·32

 36 Budgeting in Higher Education = 36·1

  36.1 Introduction = 36·1

  36.2 Resource Management-Budgeting in Context = 36·2

  36.3 Annual Budgeting = 36·8

  36.4 Summary = 36·15

 37 Budgeting in the Health-Care Industry = 37·1

  37.1 Overview = 37·1

  37.2 Cost Control = 37·2

  37.3 Cost Control in a Competitive Market = 37·3

  37.4 Basics of Health-Care Budgeting = 37·3

  37.5 Hospital Budgeting = 37·8

  37.6 Physician Budgeting = 37·31

  Sources and Suggested References = 37·36

 38 Budgeting in the Biotech Industry = 38·1

  38.1 Overview = 38·1

  38.2 Key Budgeting Issues = 38·2

  38.3 Challenges at Stages of the Company's Life Cycle = 38·3

  38.4 Budget Focus by Function and Area = 38·8

  38.5 Other Considerations and Tools = 38·11

  38.6 Summary = 38·13

  Sources and Suggested References = 38·14

Index