This article throws light upon the ten main types of budget used in an organisation. The types are: 1. Sales Budget 2. Cash Budget 3. Production Budget 4. Materials Budget 5. Labor Budget 6. Factory Overhead Budget 7. Distribution Overhead Budget 8. Administrative Overhead Budget 9. Master Budget 10. Fixed and Flexible Budget. Type # 1. Sales Budget: It includes [...]
This article throws light upon the three main steps involved in the process of control in an organisation. The steps are: 1. Establishing Standards 2. Apprising Performance 3. Taking Corrective Action. Step # 1. Establishing Standards: A standard acts as a reference line or basis of comparison of actual performance in the organisation. Standards in enterprise should be set precisely [...]
This article throws light upon the four modern control techniques used in an organisation. The modern control techniques are: 1. Network Techniques-PERT, CPM 2. Responsibility Accounting 3. Management Audit 4. Human Resources Accounting. Modern Control Technique # 1. Network Techniques-PERT, CPM: PERT (Programme Evaluation and Review Technique) was developed by the social project office of the U.S. Navy in 1958. [...]