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Calculation

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Introduction
Budgeting is in its simplest term, an estimation of future outflow/ inflow of money as well as predicted income within a fixed period of time. Budgeting is to many companies, a method of allocating resources. It also serves to evaluate its performance of the organization. Thus I agree to a large extent that budgeting is a key component in management in short and long term planning.
Short-term budgeting (Advantages)
The pros of short-term budgeting is, firstly, it can help to improve the co-relations between employee as they will be communicating with each other closely to meet the budget plans set by the company.
Secondly, budgeting can helps the company to improve in allocating the resources as request are justified. Company will base on the budget plan to acquire the resources that is needed for the company to produce its products and maintain the quality of the production.
Thirdly, it will provide companies with a record of its organizational activities throughout the month/year. By having these records, it allows companies to compare its standard plan with the actual result produce within the month/year. Thus organization can further improve its budgeting plans in future and solve the problems face during the past month/year.
Disadvantages
However, there are also disadvantages of having a short-term budgeting. Firstly, it will faces strong competition to allocate resources from the external forces such as other companies in the same line of production.
Secondly, Employees will be demotivated to work in its best as there will be lack of participation in the budgeting plans to voice out it views. In addition, by having a budgeting plan mean the costs, working environment and work load will be affected. Personal interest of the employee will be afraid that their job would not be secured as they do not understand/trust the motive behind the plans the company had come out with.

Long-term budgeting (Advantages)
Long-term budgeting is mainly being considered a major plan for the future of an organization. These are the advantages of having a long-term budgeting. Firstly, long term-budgeting is able to allow its employees to be aware of what is going on in the outside world (External) and within the company (internal) that is affecting the growth of the company.
Secondly, by knowing the threats of the external and internal factors, companies will then be force to look into the future and be prepared to face the upcoming challenges ahead and plans to prevent the threads from affecting the company or plans (solutions) to reverse the threat into opportunities.
Thirdly, Long-term budgeting planning will provide companies various operating systems to improve the quality of its product. Different operating system will allow companies to be flexible and adapt to changes when facing problems in different situations.
Disadvantages
However, there are also cons of having a long term budgeting plans. For instance, firstly, all the plans for future are based on assumptions or what it calls “Gesstimation”. Thus it is plan largely with unknown information/factors. If the plans backfire, it will cause more problems to the companies instead of helping the company to overcome the situations.
Secondly, it might cost more than the budget plan when the direction of the company is heading fails to follow the market trends. Thus the time spends and resulting costs during the preparation of the budget plan will be wasted.
Comparison
In comparison with short-term and long-term budget is that short-term budget is largely focusing on the expenses on a daily/monthly or yearly basis whereas long-term budgeting is to allow companies to achieve a specific goal in the future (5years or more). As the above explanation, we can conclude that both short-term and long-term budgeting is crucial for a company survival in this current society. Of course there are others budget to be put into consideration such as capital budget, department budget, fixed budget, operating budget and flexible budget. Regardless which kind of budgeting, the aim of having a budget is to be able to provide companies to estimate its growth in term of revenues, expenses, equipment needed and human resources needed. In addition, it must be able allow the companies to take control for the comparison in the short-term/long-term budget and evaluate the actual result produce. Budgeting MUST be Reasonable and Achievable!

Conclusion
In conclusion, when a company fails to plan, it plans to fail. Budget planning is essential in our life as it allow us to take control and foresee any upcoming circumstances. By the above explanation, I agree that budgeting is the key component in management.

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