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• Budgeting Basics and Beyond
• Contents
• About the Authors
• Preface
• CHAPTER 1 The What and Why of Budgeting: An Introduction
• PLANNING
• TYPES OF BUDGETS
• Master Budget
• Operating and Financial Budgets
• Cash Budget
• Static (Fixed) Budget
• Flexible (Expense) Budget
• Capital Expenditure Budget
• Program Budget
• Incremental Budget
• Add-On Budget
• Supplemental Budget
• Bracket Budget
• Stretch Budget
• Strategic Budget
• Activity-Based Budget
• Target Budget
• Rolling (Continuous) Budget
• Probabilistic Budget
• BUDGETARY PROCESS
• Bottom-Up versus Top-Down
• BUDGET COORDINATION
• DEPARTMENTAL BUDGETING
• ACTUAL COSTS VERSUS BUDGET COSTS
• BUDGET REVISION
• BUDGET WEAKNESSES
• BUDGETARY CONTROL AND AUDIT
• COMPUTER APPLICATIONS
• MOTIVATION
• ADVANTAGES AND DISADVANTAGES OF BUDGETS
• BUDGETARY SLACK: PADDING THE BUDGET
• SUMMARY
• CHAPTER 2 Strategic Planning and Budgeting: Process, Preparation, and Control
• BUDGETING
• Example 1
• STRATEGIC PLANNING
• SHORT-TERM PLANS
• LONG-TERM PLANS
• CHOOSING A BUDGET PERIOD
• ADMINISTERING THE PLAN
• PROFIT PLAN
• OPERATIONAL PLAN
• DEVELOPMENT PLAN
• CONTINGENCY PLANNING
• BUDGET PROCESS
• DEPARTMENTAL BUDGETS
• BUDGET ACCURACY
• Example 2
• REPORTS
• BUDGET REVISION
• PERFORMANCE MEASURES
• CONTROL AND ANALYSIS
• SUMMARY
• CHAPTER 3 Administering the Budget: Reports, Analyses, and Evaluations
• TYPES OF REPORTS
• Periodic Reports
• Advance Reports
• Special Reports
• BUDGET MANUAL
• BUDGET SHEET
• PERFORMANCE REPORTS
• BUDGET AUDIT
• THE BUDGET COMMITTEE
• BUDGET CALENDAR
• CHAPTER 4 Break-Even and Contribution Margin Analysis: Profit, Cost, and Volume Changes
• QUESTIONS ANSWERED BY BREAK-EVEN AND CONTRIBUTION MARGIN ANALYSIS
• APPLICATIONS OF THE CVP MODEL
• CONTRIBUTION MARGIN INCOME STATEMENT
• Contribution Margin
• Example 1
• Break-Even Analysis
• Example 2
• Graphical Approach in a Spreadsheet Format
• Determination of Target Income Volume
• Example 3
• IMPACT OF INCOME TAXES
• Example 4
• Margin of Safety
• Example 5
• SOME APPLICATIONS OF CONTRIBUTION MARGIN ANALYSIS AND WHAT-IF ANALYSIS
• Example 6
• Example 7
• Example 8
• Example 9
• Example 10
• SALES MIX ANALYSIS
• Example 11
• Example 12
• Example 13
• Example 14 (Sales Mix Analysis for Service Organizations)
• Contribution Margin Analysis and Nonprofit Organizations
• Example 15
• CVP ANALYSIS WITH STEP-FUNCTION COSTS
• Example 16
• IMPORTANCE OF IDENTIFYING VARIABLE AND FIXED COSTS—CVP-BASED STRATEGIES
• CVP Analysis under Uncertainty
• Assumptions Underlying Break-Even Contribution Margin Analysis
• SUMMARY
• CHAPTER 5 Profit Planning: Targeting and Reaching Achievable Goals
• GOAL CONGRUENCE
• PROFIT TARGETS
• OBJECTIVES IN THE PROFIT PLAN
• ROLE OF NONFINANCIAL MANAGERS
• ASSUMPTIONS
• ALTERNATIVES
• RESPONSIBILITY
• PARTICIPATION
• SUBORDINATES
• COORDINATION
• SCHEDULING
• PROBLEMS
• CONTROL, EVALUATION, AND ANALYSIS
• INTERNAL CONTROLS
• REAL-LIFE ILLUSTRATIONS IN PROFIT PLANNING
• SUMMARY
• CHAPTER 6 Master Budget: Genesis of Financial Forecasting and Profit Planning
• COMPREHENSIVE SALES PLANNING
• Sales Planning Compared with Forecasting
• Testing the Top Line
• Example 1
• SALES BUDGET
• Schedule 1
• MONTHLY CASH COLLECTIONS FROM CUSTOMERS
• PRODUCTION BUDGET
• Schedule 2
• INVENTORY PURCHASES, MERCHANDISING FIRM
• DIRECT MATERIAL BUDGET
• Schedule 3
• DIRECT LABOR BUDGET
• Schedule 4
• FACTORY OVERHEAD BUDGET
• Schedule 5
• ENDING FINISHED GOODS INVENTORY BUDGET
• Schedule 6
• THE COST OF GOODS SOLD BUDGET
• Schedule 7
• SELLING AND ADMINISTRATIVE EXPENSE BUDGET
• Schedule 8
• CASH BUDGET
• Schedule 9
• BUDGETED INCOME STATEMENT
• Schedule 10
• BUDGETED BALANCE SHEET
• Schedule 11
• SOME FINANCIAL CALCULATIONS
• USING AN ELECTRONIC SPREADSHEET TO DEVELOP A BUDGET PLAN
• FINANCIAL FORECASTING: THE PERCENT-OF-SALES METHOD
• Example 2
• Schedule 12
• SUMMARY
• CHAPTER 7 Cost Behavior: Emphasis on Flexible Budgets
• A LOOK AT COSTS BY BEHAVIOR
• Variable Costs
• Fixed Costs
• Mixed (Semivariable) Costs
• ANALYSIS OF MIXED (SEMIVARIABLE) COSTS
• HIGH-LOW METHOD
• Example 1
• REGRESSION ANALYSIS
• Example 2
• FIXED BUDGETS VERSUS FLEXIBLE BUDGETS AND PERFORMANCE REPORTS
• Example 3
• Example 4 (Budgeting for a Health Care Provider)
• SUMMARY
• CHAPTER 8 Evaluating Performance: The Use of Variance Analysis
• USEFULNESS OF VARIANCE ANALYSIS
• Advantages of Standards and Variances
• STANDARD SETTING
• Types of Standards
• PLANNING VARIANCE
• SALES VARIANCES
• Example 1
• COST VARIANCES
• MATERIAL VARIANCES
• Example 2
• Example 3
• LABOR VARIANCES
• Example 4
• OVERHEAD VARIANCES
• Variable Overhead Variances
• Example 5
• Fixed Overhead Variances
• Example 6
• Variances for Total Overhead
• Example 7
• Example 8
• INTERRELATIONSHIP OF VARIANCES
• MIX AND YIELD VARIANCES FOR MATERIAL AND LABOR
• Material and Labor Mix Variances
• Formulas
• Material and Labor Yield Variances
• Formulas
• Probable Causes of Unfavorable Mix Variances
• Probable Causes of Unfavorable Yield Variances
• Example 9 (Mix Variances)
• Example 10 (Yield Variances)
• PROFIT VARIANCE ANALYSIS
• Causes of Profit Variance
• Example 11 (Profit Variance Analysis)
• Example 12 (Sales Mix and Quantity Variances)
• NONMANUFACTURING ACTIVITIES
• ILLUSTRATIVE VARIANCE ANALYSIS REPORT FOR A SERVICE BUSINESS
• VARIANCES TO EVALUATE MARKETING EFFORT
• Variances in Selling Expenses
• Sales Personnel Performance
• ILLUSTRATIVE MARKETING PERFORMANCE REPORT
• How to Analyze Salesperson Variances
• Example 13
• Example 14
• Variances in Warehousing Costs
• Example 15
• VARIANCES IN ADMINISTRATIVE EXPENSES
• CAPITAL EXPENDITURES
• VARIANCE ANALYSIS REPORTS
• Appraisal of Marketing Department
• SUMMARY
• CHAPTER 9 Manufacturing Costs: Sales Forecasts and Realistic Budgets
• ILLUSTRATION
• Sales Budget
• Example 1
• Production Budget
• Example 2
• Direct Material Budget
• Example 3
• Direct Labor Budget
• Example 4
• Factory Overhead Budget
• Example 5
• PLANNING AND CONTROL OF MATERIAL PURCHASES AND USAGE
• MATERIALS BUDGETS
• Budgeting Individual Items of Material
• Budget Based on Production Factors
• Example 6
• MATERIALS PURCHASE BUDGET ILLUSTRATED
• Example 7
• PLANNING AND CONTROL OF DIRECT LABOR
• PLANNING AND CONTROL OF FACTORY OVERHEAD
• SUMMARY
• CHAPTER 10 Marketing: Budgeting for Sales, Advertising, and Distribution
• MARKETING BUDGETS
• SELLING EXPENSES
• ADVERTISING AND SALES PROMOTION
• Percentage of Sales or Profit
• Unit Sales Method
• Objective-Task Method
• DISTRIBUTION COSTS
• ANALYSIS AND EVALUATION OF DISTRIBUTION COSTS
• CONTROL OVER DISTRIBUTION COSTS
• PACKAGING
• TRAVEL AND ENTERTAINMENT
• BUDGET MEETINGS
• SUMMARY
• CHAPTER 11 Research and Development: Budgets for a Long-Term Plan
• R&D COSTS
• R&D PLANNING
• FUNDING LEVEL
• R&D BUDGET
• Example 1
• Example 2
• Example 3
• Example 4
• Example 5
• Example 6
• Example 7
• Example 8
• COORDINATION
• ANALYSIS AND EVALUATION
• CONTROL OVER R&D
• R&D RISK
• SUMMARY
• CHAPTER 12 General and Administrative Costs: Budgets for Maximum Productivity
• BUDGET PROCESS
• Headcount Forecasting
• ANALYSIS AND EVALUATION
• COST CONTROL
• EMPLOYEES
• SUMMARY
• CHAPTER 13 Capital Expenditures: Assets to Be Bought, Sold, and Discarded
• BUDGET PROCESS
• AUTHORIZATION OF CAPITAL BUDGET
• CAPITAL BUDGET FORMS
• CAPITAL BUDGET
• CAPITAL EXPENDITURE REPORTS
• BUDGET REVISIONS
• SPECIAL PROJECTS
• ANALYSIS OF CAPITAL PROJECTS
• CONTROL OVER CAPITAL EXPENDITURES
• SUMMARY
• CHAPTER 14 Forecasting and Planning: Reducing Risk in Decision Making
• WHO USES FORECASTS?
• FORECASTING METHODS
• SELECTION OF FORECASTING METHOD
• QUALITATIVE APPROACH
• Expert Opinions
• Delphi Method
• Sales-Force Polling
• Consumer Surveys
• COMMON FEATURES AND ASSUMPTIONS INHERENT IN FORECASTING
• STEPS IN THE FORECASTING PROCESS
• SUMMARY
• CHAPTER 15 Moving Averages and Smoothing Techniques: Quantitative Forecasting
• NAIVE MODELS
• Example 1
• SMOOTHING TECHNIQUES
• Moving Averages
• Example 2
• Exponential Smoothing
• Example 3
• Computer and Exponential Smoothing
• SUMMARY
• CHAPTER 16 Regression Analysis: Popular Sales Forecast System
• LEAST-SQUARES METHOD
• Example 1
• Example 2
• A WORD OF CAUTION
• REGRESSION STATISTICS
• Correlation Coefficient (r) and Coefficient of Determination (R2)
• Example 3
• Example 4
• Standard Error of the Estimate (Se) and Prediction Confidence Interval
• Example 5
• Example 6
• Standard Error of the Regression Coefficient (Sb) and t-Statistic
• Example 7
• USING REGRESSION ON EXCEL
• SUMMARY
• CHAPTER 17 Cash Budgeting and Forecasting Cash Flow: Two Pragmatic Methods
• ACCOUNT ANALYSIS
• Example 1
• Example 2
• Example 3
• Example 4
• CASH BUDGET
• CASH VARIANCE ANALYSIS
• Example 5
• CASH FLOW SOFTWARE
• A CAVEAT—PERILS OF SPREADSHEETS
• SUMMARY
• CHAPTER 18 Financial Modeling: Tools for Budgeting and Profit Planning
• A FINANCIAL MODEL
• BUDGETING AND FINANCIAL MODELING
• USE OF FINANCIAL MODELING IN PRACTICE
• DEVELOPING FINANCIAL MODELS
• Definition of Variables
• Input Parameter Values
• Model Specification
• SUMMARY
• CHAPTER 19 Using Software Packages and E-Budgeting: Computer-Based Models, Spreadsheets, and Web-Bas
• USE OF A SPREADSHEET PROGRAM FOR FINANCIAL MODELING AND BUDGETING
• Projecting an Income Statement
• Case 1
• Case 2
• Case 3
• Construction of a Rolling Budget
• Case 4
• Probabilistic Budgets
• Case 5
• BUDGETING SOFTWARE PACKAGES
• Budget Maestro
• Microsoft Business Solutions for Analytics—Forecaster
• Host Budget
• SAP Business Objects Budgeting and Consolidation
• LATEST GENERATION OF BUDGETING AND PLANNING SOFTWARE AND E-BUDGETING
• SUMMARY
• CHAPTER 20 Capital Budgeting: Selecting the Optimum Long-Term Investment and Real Options
• ACCOUNTING (SIMPLE) RATE OF RETURN
• Example 1
• Advantages of ARR
• Disadvantages of ARR
• PAYBACK PERIOD
• Advantages of Payback
• Disadvantages of Payback
• Example 2
• Example 3
• PAYBACK RECIPROCAL
• Example 4
• DISCOUNTED PAYBACK PERIOD
• Example 5
• NET PRESENT VALUE
• Example 6
• Example 7
• Example 8
• Example 9
• PROFITABILITY INDEX
• Example 10
• Example 11
• Example 12
• Contingent Proposals
• Example 13
• INTERNAL RATE OF RETURN (TIME-ADJUSTED RATE OF RETURN)
• Advantages of IRR
• Disadvantages of IRR
• Five Guidelines
• Example 14
• Example 15
• Example 16
• Example 17
• Can a Computer Help?
• NONDISCRETIONARY PROJECTS
• Example 18
• COMPARISON OF METHODS
• Example 19
• CAPITAL BUDGETING PROCESS
• Example 20
• REAL OPTIONS
• Example 21
• Example 22
• DISCOVERY-DRIVEN PLANNING
• CAPITAL BUDGETING AND INFLATION
• Example 23
• POSTAUDIT PROJECT REVIEW
• CAPITAL BUDGETING AND NONPROFIT ORGANIZATIONS
• RISK AND UNCERTAINTY
• Simulation
• Sensitivity Analysis
• Decision Tree
• Example 24
• SUMMARY
• CHAPTER 21 Budgeting for Cost Management: Activity-Based Budgeting and Life-Cycle Budgeting
• ACTIVITY-BASED BUDGETING
• ACTIVITY-BASED MANAGEMENT
• Understanding What Causes Costs
• LIFE-CYCLE BUDGETING
• Life-Cycle Costing and Whole-Life Costing
• Cost Reduction
• Whole-Life Product Cost
• Example
• KAIZEN BUDGETING
• Example
• SUMMARY
• CHAPTER 22 Zero-Base Budgeting: Priority Budgeting for Best Resource Allocation
• ZERO-BASE BUDGETING PROCESS
• ZERO-BASE BUDGETING EFFECTS
• ACTIVITY UNITS
• DECISION PACKAGES
• RANKING PROPOSALS
• Example 1
• PROJECT (PROGRAM) BUDGETS
• SUMMARY
• CHAPTER 23 Managers’ Performance and Balanced Scorecard: Evaluation at the Division Level
• APPRAISING MANAGER PERFORMANCE
• Importance of Measuring Divisional Managers’ Performance
• Advantages of Decentralization
• Disadvantages of Decentralization
• RESPONSIBILITY CENTER
• REVENUE CENTER
• COST CENTER
• Example 1
• PROFIT CENTER
• Example 2
• INVESTMENT CENTER
• Return on Investment
• Advantages of ROI
• Disadvantages of ROI
• Example 3
• Residual Income
• Example 4
• Advantages of Residual Income
• Disadvantages of Residual Income
• THE BALANCED SCORECARD
• APPLYING THE BALANCED SCORECARD TO A SCHOOL DISTRICT
• BUDGETING AND THE BALANCED SCORECARD: AN OXITENO CASE STUDY
• Ranging Process in the Group’s Management
• The Balanced Scorecard Implementation in Oxiteno
• Budgeting and the New Management Model
• SUMMARY
• CHAPTER 24 Budgeting for Service Organizations: Special Features
• AIRLINES
• HOTELS
• SUMMARY
• CHAPTER 25 Budgeting for Nonprofit Organizations: Diverse Types
• PLANNING
• FUNDS
• RECORDKEEPING AND REPORTING
• GOVERNMENT BUDGETS AND ACCOUNTING BASES
• Government Recordkeeping for Budget Accountability
• Government Interfund Transactions
• Capital and Operating Budgets
• BUDGET DEVELOPMENT
• BUDGETING REVENUE
• BUDGETING EXPENDITURES
• ENCUMBRANCES
• BUDGETARY CONTROL
• Variances
• EFFECTIVENESS AND CONTROL MEASURES
• ORGANIZATIONAL STRUCTURE
• FUNCTIONAL OR PROGRAM REPORTING
• BUDGET ADAPTABILITY
• BUDGET PARTICIPANTS
• BUDGETING ASPECTS FOR SPECIFIC NONPROFITS
• Voluntary Hospitals
• Colleges and Universities
• Professional Associations
• SUMMARY
• CHAPTER 26 Using Management Games for Executive Training
• THE CAPSTONE BUSINESS SIMULATION
• Why Use a Simulator?
• Business Scenario
• Planning: Long-Range and Short-Term
• Tactical Decisions
• Pro Formas: Evaluating Alternative Scenarios
• Analysis, Coaching, and Benchmarking
• Individual Assessment (Comp-XM)
• APPENDIX I: Future and Present Value Tables
• APPENDIX II: Statistical Table
• Glossary of Budgeting and Planning Terms
• Index
• EULA