...been itemized for the Website development project. The Budget over time phase has been itemized based on the phases of the project and further it has been itemized based on the different activities of the project taking place in a definite week. The budget has been tabulated based on the activity and the on the week. The final budget has been calculated based on the phases. The detailed information is as follows: Time and Cost: Phase | Activities | Tasks | Deliverables | Dates | Cost | Project Requirements | Develop Business Requirements. | Collect Requirements from client and register a domain name.Draft the proceedings and document them.Produce a final version of the Business Requirements.(User Signoff) | Preliminary Business Requirements | 6/16/2014 | $360 | | Develop Technical Requirements. | User need to fill the form and register.Provide security by using secure pages such as HTTPS.Estimate hosting space for website.Identify appropriate website development platform and suggest to the client.Draft the proceedings and document them.Produce a final version of the Technical Requirements.(User Signoff) | Preliminary Technical Requirements. | 6/23/2014 | $400 | | Develop User requirements. | Collect required webpages names.Collect menu navigation requirements.Collect Access Requirements from client. | User Requirements. | 06/30/2014 | $160 | | | Draft the proceedings and document them.Produce a final version of the User Requirements.(User Signoff) | | |...
Words: 787 - Pages: 4
...Axia College Material Appendix A Final Project Overview and Timeline Final Project Overview The final project consists of a checkout application. This application—similar to practical programs at many supermarkets—includes the following elements: • Complete requirements analysis • Design • Verification • Validation and test documentation The checkout application is a program that allows users to enter items and totals will be added up and results presented to the user. Requirements The requirements will change for each assignment section. This is because as we go along you will be able to add to the previous assignment using what you have learned during the course. Each assignment will require you to perform analysis and design and testing. We will learn more formal testing in week 6. Final Project Timeline You should budget your time wisely and work on your project throughout the course. As outlined below, some CheckPoints and assignments in the course are designed to assist you in creating your final project. If you complete your course activities and use the feedback provided by the instructor, you will be on the right track to complete your project successfully. □ Suggested in Week One: Read Appendix A regarding the final project overview and timeline. □ Due in Week Two: Initial Application Development □ Due in Week Four: Additional Application Development □ Due in Week Six: Final Application Development and Test Cases ...
Words: 262 - Pages: 2
...the model to a group project in another PAM class. The assignment was to write a 20-page policy paper with four other students over the course of a semester and to formulate a plan that provided solvency to the problem and utilized original research. The group immediately divided the 20-page paper in an egalitarian manner doling out 5 pages each on subtopics however each section of 5 pages was dependent on the section preceding it. The division of labor created a new budget constraint one that reduced work and increased leisure. However as all members of the group realized the same increase in leisure each member had a greater opportunity cost in doing the work early and as such was incentivized to consume more leisure. This problem compounded overtime resulting in a complete system collapse. In the end everyone was made worse off as the semester drew towards a close because in the end each individual had failed to do his or her part and the final product was a slap-dash attempt to finish the project. The final...
Words: 634 - Pages: 3
...The Vershire Company has to keep tight controls over their plants, budgets, and performance in terms of efficiency and effectiveness, because customers can easily purchase from another manufacturer if cost, quality, and service are not met. The planning strength of the Vershire Company is that a sales budget is formulated at the corporate level and starts with a forecast, which is created and sent to the divisional managers for review. This allows divisional managers to have some input for their budget, which will add to the accuracy. Corporate controllers also visit each plant for additional input before final submission. The company I work also formulates a sales budget; we are actually starting the process in October. We look at our historical sales data, our current sales, and our sales targets for the coming year. The sales budget leads to the development of the other budgets, manufacturing, production, purchasing, inventories, sales and other expenses. Our budgets are usually determined by end of November, no later than mid December for the New Year. All departments have input and are responsible for their budgets. Our forecasting and planning efforts are examined on a monthly basis throughout the year as well as daily inputs from the sales quotation department through their quote follow-up efforts. This allows us to keep tighter controls on inventories to keep us within the set budget as well as keep reasonable lead times for the different product lines. The weakness...
Words: 876 - Pages: 4
...but hadn’t worked out the detail on how to get there. This course has helped me in the area of financial peace, college written, and spiritual growth. Having financial peace should be the goal of everyone but knowing how to obtain it is a quest of it on. Financial Peace University is the way to go because they have everything that anybody would need at the click of your mouse. Before I took this course I search Google high and low on how to work a budget. FPU have what they call a quickie budget form that start off someone that might not have never did a budget this way a real budget want seem so overwhelming. The biggest problem that most individual have in obtaining financial peace is procrastination like “we will start budgeting after we get the big screen TV.” Dave Ramsey is now my new found friend he said some things to me that needed to be said. The word budget holds a lot of weight because it pertains to discipline. Discipline is defined as self-control something that most people don’t want to deal with. Having a good budget is like having your own private police that lets you know if you are breaking the law or not. Martin Luther King said, “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.”It is best to have control over your financial affairs then they have control over. As we travel on this journey to succeed own...
Words: 612 - Pages: 3
...Kenya Ratcliff American Intercontinental University FINA425 – Budgeting January 24, 2016 Abstract This is a research paper about financial budgets. This research paper talks about a management director would establish policies and system for a business and/or organization. This research paper will help to explain the different style of budgets, budget cycles and the guidelines rules for set up a financial budget for a business and/or organization. Unit 3 Individual Project Introduction This is a report from the management director to establish policies and systems for the new business, I Can Business Incorporated (ICBI). This report will be delivered to the board of directors of ICBI. This report will describe what a financial reporting system is and explain how management for ICBI should use an activity based budget instead of an operating budget. This report also gives examples of budget guidelines for ICBI. Describe the meaning and the components of a financial reporting system Financial reporting is the process of compiling statements that shows a glimpse of an organization’s financial “health” or status to management, investors and the government. There are four basic reports that are included in a financial report. There is a balance sheet, an income statement or sometimes called the profit & loss statement, a cash flow statement and a statement of shareholder’s equity. The balance sheet gives a detailed picture of the financial condition of a business at...
Words: 1764 - Pages: 8
...| | |Assignment Cover Sheet | |Lecturer’s Comments Form | |SECTION A: TO BE COMPLETED BY STUDENT | |This assignment cover sheet needs to be included with each assignment. Please complete all details clearly. | |If you are submitting your assignment on paper, please staple this sheet to the front of each assignment. | |If you are submitting your assignment online, please ensure this cover sheet is included in front your assignment. | |Please check your course information booklet for assignment submission deadline and information. | |Family Name |Lim |Given Names |Glenda | |Program/Intake |AFM7 ...
Words: 462 - Pages: 2
...organization (Lanen, Anderson, & Maher, 2011, p. 6). Cost accounting methods and their use, budgets including discipline, construction, and elements, and variance analysis are important aspects of cost accounting as a whole, which is an important tool for a successful organization. The main goal of cost accounting is to help managers to maximize value within their organization (Lanen, Anderson, & Maher, 2011, p. 3). One of the fundamental services of cost accounting is to provide information to the manager to guide them to make effective valuable decisions (Lanen, Anderson, & Maher, 2011, p. 3). An essential objective of cost accounting is to create an effective value chain (Lanen, Anderson, & Maher, 2011, p. 4). A value chain is a set of activities in which raw materials are converted into goods and services for consumers to purchase (Lanen, Anderson, & Maher, 2011, p. 4). An organization is responsible to coordinate with their vendors and suppliers along with their distributors and customers to accomplish their objective (Lanen, Anderson, & Maher, 2011, p. 4). Thus, the cost accounting system gives the organization the tools to begin such coordination. To begin this process, research and development encompass activities from the production process and customer service (Lanen, Anderson, & Maher, 2011, p. 4). Managers gauge these activities to determine their contribution to the final product, service and...
Words: 1684 - Pages: 7
...PROJECTED BUDGET Revenue | | Total | Title Sponsor ( City of Vaughan) | $3,000.00 | $3,000.00 | Facility Expenses | | | Rental of Secondary School | $0.00 | | Security Officers | $913.50 | | Referees | $1,638.00 | $2,551.50 | Administrative, Marketing and Other Expenses | | | Featured Adds in NewsPaper | $1,742.00 | | Promotional Flags | $1,625.00 | | Banner | $370.00 | | Participant Wristbands | $600.00 | | Gold and Silver Medals | $238.80 | | MVP Trophies | $58.90 | | T-shirts | $7,880.00 | $12,514.70 | Total Proposed Expenses after Funding | | $12066.20 | Cost per player to Cover expenses ( $12066.20/ 768) | $15.71 | | Cost per player to cover additional revenue for charities ( $10000/768) | $13.02 | | Total Cost per person as per Projected Revenue | | $28.73 | Budget Notes Rental of Secondary School will be provided by the City of Vaughan at no cost 3 Security Officers will be employed from 9am to 7pm at $14.50/hour. On the final day of the tournament 3 security officers will be employed for 1 hour. 6 referees will be assigned to each field from 9am to 7pm at $13/hour. On the final day of the tournament 6 referees will be employed for an hour. 2 adds will be featured on the Vaughan...
Words: 321 - Pages: 2
...employees throughout all levels of the organisation. Four major benefits of effective budgeting are: 1. Budgeting provides an opportunity for managers to re-evaluate existing activities and evaluate possible new activities. 2. Budgeting compels managers to think ahead by formalizing their responsibilities for planning. 3. Budgeting aids managers in communicating objectives and coordinating actions across the organisation. 4. Budgeting provides benchmark to evaluate subsequent performance. The advantages of budgeting described previously are limited, in some cases severely, by problems associated with budgets. In this section, three problems that complicate the implantation of budgets: 1. Low levels of participation in the budget process and lack of acceptance of responsibility for the final budget. 2. Incentives to lie and cheat in the budget process. 3. Difficulties in obtaining accurate sales forecasts. What external factors need to be considered? External influences that are not in your control may have an impact on the success of your efforts. Having alternate plans or rethinking your strategies should be a part of your planning. Some external influences that can affect your financial planning include (examples in parenthesis): Government or national policies and legislations (the Poverty Reduction Strategy that may affect the way governments address poverty) Natural disasters or epidemics (drought that affects the people you are working...
Words: 288 - Pages: 2
...During the process, a budget model can be used for scenario analysis. At the end of the process, the budget ‘quantifies a plan of action’. * Facilitating communication and coordination: The budget provides a mechanism for achieving coordination, as it forces the different BU managers to communicate their plans and assumptions to each other. * Allocating resources: The departments compete for resources at budget time with (usually) most of the resources going to the department that is achieving the highest return. * Controlling profit and operations: Once produced, the budget becomes a benchmark against which actual performance can be compared. * Evaluating performance and providing incentives: The budget also becomes a benchmark for evaluating and rewarding managers. 2. Why do most firms begin their budget formulation process with sales revenue? Once senior management has settled upon a strategy (including what products to sell into what markets), the marketing people can estimate the level of sales they expect to achieve in the coming period. This then informs the operations departments regarding the level of activity and therefore resources required to service that demand. This is particularly important in manufacturing and service industries where the sourcing of resources and equipment often needs long lead times. 3. What is the role of the budget committee in large, divisionalised organisations? The budget committee (BC) oversees...
Words: 1329 - Pages: 6
...Vershire Company & Aluminum Industry Industry of Aluminum Aluminum. Less spillage or breakage, ease of storage at home or when people travel, maintenance of soft drink carbonation, ease of lithograph and ease of recycling, aluminum production is one of the modern era’s great economic stories. The world’s primary aluminium industry produces over millions ton of aluminium metal per year. The most important markets for aluminium products are the transport, building and packaging sectors, however aluminium also finds application in electrical and mechanical engineering, office equipment, domestic appliances, lighting, chemistry and pharmaceuticals. The United States aluminum industry is the worlds largest, annually producing about $.1 billion in products and exports. U.S. companies are the largest single producer of primary aluminum. The U.S. industry operates over 00 plants in 5 states , produces more than billion pounds of metal annually and employs over 145,000. Aluminum is one of the few products and industries left in America that truly impacts every community in the country, either through physical plants and facilities, recycling, heavy industry, or consumption of consumer goods. The aluminum industrys performance is noteworthy, particularly in light of the proliferation of alternative materials and global competition. Transportation represents the largest market for aluminum in the United States. In 000, transportation accounted for .5 percent of all US...
Words: 3211 - Pages: 13
...Final Team Project A new medical clinic is opening up in your hometown and a mutual friend has recommended your services to the administrator of the clinic. You have received a letter asking you to provide information that would support their retaining your services rather than hiring employees for the same purposes. Assume that this letter may have gone out to other local firms as well. Working as a team, you will do the following two things: (a) After discussing and choosing a small business with your team, you will prepare a letter (in effect, an informal proposal) in response, offering your services to the clinic. (b) Follow up with an oral presentation before the administration of the clinic to discuss and further sell your services to them. On the date scheduled for the final presentation, each student will be responsible for evaluating one team, as assigned by the instructor, on their written and oral presentation. To help you prepare, a copy of the student team evaluation form has been provided. Additionally, students will evaluate the contribution of their fellow team members and themselves in developing the presentation. Evaluations will be taken into consideration in determining grades for the project. In preparing your written presentations, consider the following: • What business services will you choose to provide to the clinic? Billing, secretarial, computer, health, landscaping? • Who will present the letter to the clinic...
Words: 743 - Pages: 3
... B Submitted to: Sir Hassan Jabbar Explain the relative merits of the top-down and bottom-up approaches to budget setting? Budgeting Budgeting is a formal process in which a company's expenses and revenues are planned for the future. Top down and bottom up are two most common budgeting techniques. In the top-down approach, upper management prepares budgets with no input from employees or lower-level managers. In the bottom-up budgeting approach, managers and employees at the department level prepare budgets for their individual departments. A final, organizational budget is prepared by consolidating all individual, department budgets. The relative merits of Top-Down Budgeting Financial Control * When upper management evaluates a company's overall financial needs and compares the needs to projected revenues for a year, it gets a clear picture of how much money it can reasonably allocate to different areas. Decisions are made about where finances will have the most positive impact and staffers are given directives on what they have to work with. This approach allows upper managers to maintain complete financial control over a budget. Accountability of Staff * When a staff is given a certain budget to work with, it must make prudent financial decisions about how the money will be used. This may result in greater financial accountability and more comparison-shopping for products,...
Words: 1448 - Pages: 6
...Table of contents Introduction 12 Body 13 3.1 Explain the purpose and nature of budgeting process which should normally be taken in the preparation of budgets for Glentruan Furniture Ltd. 13 Budget 13 Purpose and nature of budget 15 Purpose 15 Nature 15 3.2 Select appropriate budgeting methods for new product line and its need. 16 Incremental budget 16 Zero based budget 16 Different between zero based budgeting and incremental budget 16 Fixed budget 17 Flexible budget 17 Different between fixed and flexible budget 17 Functional budget 18 Sales budget 18 Production budget 18 Direct material usage budget 18 Direct material purchase budget 18 Direct labor budget 18 Factory overhead budget 18 Selling and administration budget 18 Cash budget 19 Master budget 19 3.3 Prepare budgets according to the chosen budgeting methods based on the given information in the scenario. 20 Sales budget 20 Production budget 22 Direct material usage budget 23 Direct material purchase budget 26 Direct labor budget 28 Factory overhead budget 30 Selling and administration budget 34 Departmental budget 35 3.4 Also prepare a cash budget. 38 Cash budget 38 Master budget 42 Budgeted profit and loss 42 Budgeted balance sheet 43 Final review 46 Budget committee 47 Working capital 47 Liquidity ratio 47 ROCE 47 4.1 Calculate variances, identify possible causes and recommend corrective action. 48 4.2 Prepare and operating statement...
Words: 12261 - Pages: 50
