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Budgeting and management of organization-reflective review - Essay Example

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Reflective Review: The reasonably well addressed part in this research was regarding the budget. The concept of budgeting is defined in detail providing the readers with diversified information regarding the implication of budgeting in different departments of organization…
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Budgeting and management of organization-reflective review
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Download file to see previous pages The research covers a great deal of advantages of budgeting and how it helps an organization to increase its effectiveness and efficiency using budgeting. This research provides knowledge and the importance of budgeting in practical life. The disadvantages of budgeting are also covered in detail providing the drawbacks and flaws in budgeting. This research provides information and scenarios when budgeting should be used and when it should be ignored under the given situation. According to my view, the part that the research failed to address well was the other management tools and techniques that could be used by the company instead of budgeting. Too much emphasizes is laid on budgets whereas, companies are shifting from budgeting to other tools to monitor performance and accomplishment of goals and objectives such as balance scorecard and beyond budgeting. Other tools are not described in detail making budgets look superior over other tools. This research provides an extensive knowledge of budgeting but this research somehow is overlooking the disadvantages of budgeting. The substitute management tools of budgets are limited making the research vague. Forecasting, balance scorecards and beyond budgeting are some of the most used techniques around the world but this research failed to cover the importance of these tools. ...
For literature review, I had to surf the internet for articles and previous researches to begin my work with. This was an easy task as all the relevant information that I needed was already available on the internet from different sources. I just had to pick information from authentic sources. Finding articles regarding the topic was also an easy task as there was much about it on the internet. The difficulty that I faced was in the literature review process, it was consuming too much time. The information on budgets was vast and I had to choose only information that was relevant to my research. Reading the articles was the best part. Articles regarding the method and importance of budgeting in companies provided me with a lot of exposure. After reading those articles I learned the importance of budgeting in real life. To understand more about the concept of budgeting, I had to borrow some books from the library and went through them to provide me with additional and up-to-date information. What I basically wanted to know through this research was that how could budgets help companies to improve their performance and the methods used by the companies to do so. The process of literature review took the most of my time as information regarding the topic had to be covered in detail to provide the importance of budgets in the company. The experience related to data collection and data analysis was tiring and more difficult than I assumed. The data was collected from secondary sources that included articles and previous researches that were conducted on budgeting. The primary data was collected through interviews from managers of different departments of the organization. It was difficult to gather information from the managers of different ...Download file to see next pagesRead More
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