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More About This Title Handbook of Budgeting, Fifth Edition
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1 Integrating the Balanced Scorecard for Improved Planning and Performance Management (Antosh G. Nirmul).
1.1 Overview.
1.2 Elements of a Balanced Scorecard.
1.3 Use of Strategy Maps.
1.4 Scorecard Cascading.
1.5 Bringing It All Together.
1.6 Integrating the Scorecard with Planning and Performance.
1.7 Balanced Scorecard and Annual Planning.
1.8 Continuous Strategic Management with the Scorecard.
1.9 Summary.
2 Budgeting and the Strategic Planning Process (Albert A. Fried).
2.1 Definition of Strategic Planning.
2.2 Planning Cycle.
2.3 Strategic Planning Process: A Dynamic Cycle.
2.4 Situation Analysis.
2.5 Business Direction/Concept.
2.6 Alternative Approaches.
2.7 Operational Plan.
2.8 Measurement.
2.9 Feedback.
2.10 Contingency Planning.
2.11 Problems in Implementing Formal Strategic Planning Systems.
2.12 Summary.
Sources and Suggested References.
3 The Budget: An Integral Element of Inte rnal Control (Jay H. Loevy).
3.1 Introduction.
3.2 The Control Environment.
3.3 Planning Systems.
3.4 Reporting Systems.
3.5 Summary.
Sources and Suggested References.
4 The Relationship between Strategic Planning and the Budgeting Process (Jeffrey L. Bass).
4.1 Introduction.
4.2 How to Plan.
4.3 The Audience for Whom the Plan Is Designed.
4.4 Strategic Business Planning and Its Role in Budgeting.
4.5 Planning Differences between Small, Medium, and Large Organizations.
4.6 Components of Strategic Planning.
4.7 Management and Organization.
4.8 Market Analysis.
4.9 Formulation of Marketing Strategies.
4.10 Operations Analysis.
4.11 Summary.
Sources and Suggested References.
5 The Essentials of Business Valuation (Frank C. Evans).
5.1 Introduction.
5.2 Understanding the Valuation Assignment.
5.3 Research and Information Gathering.
5.4 Adjusting and Analyzing the Financial Statements.
5.5 Three Approaches to Valuing a Business.
5.6 Income Approach.
5.7 Market Approach.
5.8 Asset Approach.
5.9 Making Adjustments to Value.
5.10 Reaching the Valuation Conclusion.
Sources and Suggested References.
PART TWO TOOLS AND TECHNIQUES.
6 Implementing Forecasting Best Practices (Terrence B. Hobdy).
6.1 Introduction.
6.2 Budgeting versus Forecasting.
6.3 Implementing Forecasting Best Practices.
6.4 Forecasting Best Practices: Process.
6.5 Forecasting Best Practices: Organization.
6.6 Forecasting Best Practices: Technology.
6.7 Conclusion.
Sources and Suggested References.
7 Calculations and Modeling in Budgeting Software (Paul Barber).
7.1 Introduction.
7.2 Why Companies Use Budgeting Software.
7.3 Calculations in Accounting Systems and Spreadsheets.
7.4 Budgeting Software.
7.5 OLAP Databases.
7.6 Modeling and Budgeting.
7.7 Processes.
7.8 More Complex Budgeting Calculations.
7.9 Conclusion.
8 Cost-Accounting Systems: Integration with Manufacturing Budgeting (Paul D. Warner).
8.1 Introduction.
8.2 Decision Factors in the Selection Process.
8.3 Cost-Accounting System Options.
8.4 Costs Associated with a Product.
8.5 Variable Costing and Budgeting.
8.6 Full Costing and Budgeting.
8.7 Cost-Accumulation Procedures.
8.8 Valuation: Actual versus Standard.
8.9 Actual Costing.
8.10 Actual Costing, Budgeting, and Cost Control.
8.11 Standard Costing.
8.12 Variance Reporting.
8.13 Variances and Budgeting.
8.14 Manufacturing Overhead.
8.15 Manufacturing Overhead, Budgeting, and Cost Control.
Sources and Suggested References.
9 Break-Even and Contribution Analysis as a Tool in Budgeting (Jay H. Loevy).
9.1 Introduction.
9.2 Break-Even Analysis.
9.3 Price/Volume Chart.
9.4 Contribution Analysis.
9.5 Cost?Volume?Price and the Budgeting Process.
Sources and Suggested References.
10 Profitability and the Cost of Capital (Mike Kaufman).
10.1 Introduction.
10.2 A Market Gauge for Performance.
10.3 Coping with the Cost of Equity.
10.4 Building Company-Wide Profit Goals.
10.5 Building Divisional Profit Goals.
10.6 Information Problems and Cost of Capital.
10.7 Summary.
Sources and Suggested References.
11 Budgeting Shareholder Value (Serge L. Wind).
11.1 Introduction.
11.2 Long-Term Valuation.
11.3 Economic Value Added.
11.4 Complementary Measures of Valuation.
11.5 Budgeting Shareholder Value.
11.6 Summary.
Sources and Suggested References.
12 Applying the Budget System (R. Layne Weggeland and Malcolm M. Knapp).
12.1 Introduction.
12.2 Initial Budget Department Review of Divisional Budget Packages.
12.3 Divisional Review Meetings.
12.4 Budget Consolidation and Analysis.
12.5 Preliminary Senior Management Review.
12.6 Final Revision of Operating Group Plans.
12.7 Second Budget Staff Review of Operating Group Plans.
12.8 Revised Consolidated Budget Preparations.
12.9 Final Senior Management Budget Review Sessions.
12.10 Operating Groups? Monthly Submissions.
12.11 Effective Use of Computer-Based Spreadsheets and Graphics Programs.
12.12 Summary.
Sources and Suggested References.
13 Budgets and Performance Compensation (Graef S. Crystal).
13.1 Introduction.
13.2 Measures of Executive Performance.
13.3 Structuring Reward Opportunities.
13.4 Pitfalls of Linking Incentives to Budgets.
13.5 An Optimal Approach.
13.6 Adjusting Operating Unit Targets.
13.7 Budgets and Long-Term Incentive Plans.
13.8 Summary.
Sources and Suggested References.
14 Predictive Costing, Predictive Accounting (Gary Cokins).
14.1 Internet Forces the Need for Better Cost Forecasting.
14.2 Traditional Budgeting: An Unreliable Compass.
14.3 Activity-Based Costing as a Foundation for Activity-Based Planning and Budgeting.
14.4 Budgeting: User Discontent and Rebellion.
14.5 Weary Annual Budget Parade.
14.6 ABC/M as a Solution for Activity-Based Planning and Budgeting.
14.7 Activity-Based Cost Estimating.
14.8 Activity-Based Planning and Budgeting Solution.
14.9 Early Views of Activity-Based Planning and Budgeting Were Too Simplistic.
14.10 Important Role of Resource Capacity Causes New Thinking.
14.11 Major Clue: Capacity Only Exists as a Resource.
14.12 Measuring and Using Cost Data.
14.13 Usefulness of Historical Financial Data.
14.14 Where Does Activity-Based Planning and Budgeting Fit In?
14.15 Activity-Based Planning and Budgeting Solution.
14.16 Risk Conditions for Forecasting Expenses and Calculated Costs.
14.17 Framework to Compare and Contrast Expense-Estimating Methods.
14.18 Economics 101?
15 Cost Behavior and the Relationship to the Budgeting Process (Eugene H. Kramer).
15.1 Introduction.
15.2 Cost Behavior.
15.3 Break-Even Analysis.
15.4 Additional Cost Concepts.
15.5 Differential Cost Concepts.
15.6 Maximizing Resources.
15.7 Estimating Costs.
15.8 Summary.
Sources and Suggested References.
PART THREE PREPARATION OF SPECIFIC BUDGETS.
16 Sales and Marketing Budget (R. Malcolm Schwartz).
16.1 Introduction.
16.2 Overview of the Budget Process.
16.3 Special Budgeting Problems.
16.4 Pertinent Tools.
16.5 Unique Aspects of Some Industries.
16.6 Summary.
Sources and Suggested References.
17 Manufacturing Budget (C. Eugene Moore).
17.1 Introduction.
17.2 Concepts.
17.3 Changing to a Cost-Management System.
17.4 Problems in Preparing the Manufacturing Budget.
17.5 Three Solutions.
17.6 Technique.
17.7 Determining Production Requirements.
17.8 Step 1: Developing the Plannable Core.
17.9 Step 2: Obtaining Sales History and Forecast.
17.10 Step 3: Scheduling New and Revised Product Appearance.
17.11 Step 4: Determining Required Inventory Levels.
17.12 Step 5: Establishing Real Demonstrated Shop Capacity.
17.13 Step 6: Publishing the Master Schedule.
17.14 A Total Quality Program?The Other Alternative.
17.15 Inventory and Replenishment.
17.16 More on the Manufacturing Budget.
17.17 Determining Raw-Material Requirements.
17.18 Determining Other Indirect-Material Costs.
17.19 Determining Direct-Labor Costs.
17.20 Establishing the Manufacturing Overhead Functions and Services.
17.21 Quality Control Economics Review Questions.
17.22 Plant Engineering Buildings and Equipment Maintenance Review Questions.
17.23 Floor and Work-in-Process Control Review Questions.
17.24 Summary.
Sources and Suggested References.
18 Research and Development Budget (Maurice I. Zeldman).
18.1 The Relationship of Research and Development and Engineering to the Total Budgeting Process.
18.2 Problems in Establishing Research and Development and Engineering Objectives.
18.3 Developing a Technological Budget.
18.4 Preparing a Departmental Budget.
18.5 Managing a Budget.
18.6 Coordinating Project Budgets.
Sources and Suggested References.
19 Administrative-Expense Budget (R. Malcolm Schwartz and Maria Theresa Mateo).
19.1 Introduction.
19.2 Role and Scope of the Administrative-Expense Budget.
19.3 Methods Used for Preparing the Administrative-Expense Budget.
19.4 Factors That Impact the Administrative-Expense Budget.
19.5 Unique Issues Impacting the Administrative-Expense Budget.
19.6 Tools and Techniques for Managing the Administrative-Expense Budget.
19.7 Summary.
Sources and Suggested References.
20 Budgeting the Purchasing Department and the Purchasing Process (Carl Benner, John N. Trush, and Thomas F. Norris).
20.1 Description and Definition of the Process Approach.
20.2 Role of Process Measures.
20.3 Process Measures.
20.4 Creating the Procurement Process Budget.
Sources and Suggested References.
21 Capital Investment Review: Toward a New Process (Bryan Crawford).
21.1 Introduction.
21.2 Context of the Revised Capital-Investment Review Process.
21.3 Benchmarking Capital-Investment Review Best Practices.
21.4 Revised Capital-Investment Review Process: Overview.
21.5 Implementation: What Bonneville Learned in the First Three Years.
21.6 Summary.
22 Leasing (Robert Dale Apgood).
22.1 Introduction.
22.2 Overview of the Leasing Process.
22.3 Possible Advantages of Leasing.
22.4 Possible Disadvantages of Leasing.
22.5 Types of Lease Sources.
22.6 Lease Reporting.
22.7 Lease-versus-Purchase Analysis.
22.8 FASB Rule 13 Case Illustration.
22.9 Negotiation of Leases.
22.10 Selecting a Lessor.
22.11 Lease-Analysis Techniques.
22.12 Lease Form.
22.13 Summary.
Sources and Suggested References.
23 Balance-Sheet Budget (James E. Kristy).
23.1 Introduction.
23.2 Purpose of the Balance-Sheet Budget.
23.3 Definition.
23.4 Responsibility for the Budget.
23.5 Types of Financial Budgets.
23.6 Preparing Financial Budgets.
23.7 Preparing the Balance-Sheet Budget.
23.8 Adequate Cash.
23.9 Financial Ratios.
23.10 Analyzing Changes in the Balance Sheet.
Sources and Suggested References.
24 Budgeting for International Operations (George Cassidy and Gert Schumann).
24.1 Introduction.
24.2 ?Top-to-Bottom? Qualitative Review.
24.3 Operating and Capital Budgets.
24.4 Regional/Group Budget Reviews.
24.5 Publication of Integrated Planning Document.
24.6 Strategic Direction Paper.
24.7 Distribution of SDP/Receipt of Draft IPD.
24.8 Budget-Review Procedure.
24.9 Integrated Planning Document.
24.10 Monthly Reporting Procedures.
24.11 Budgeting for Headquarters Operations.
24.12 Alternative Organizations of International Business.
Sources and Suggested References.
25 Understanding Foreign Exchange Transactions (Françoise Soares-Kemp).
25.1 Foreign Exchange Rates.
25.2 Impact of Foreign Exchange on Operating Exposure Management.
Sources and Suggested References.
26 Budgeting Property and Liability Insurance Requirements (Ronald K. Tucker and Vicki L. Tucker).
26.1 Introduction.
26.2 Role Risk Management Plays in the Budgeting Process.
26.3 Types of Insurance Mechanisms.
26.4 Role of Insurance/Risk Consultants.
26.5 Use of Agents/Brokers.
26.6 Self-Insurance Alternatives.
26.7 Identifying the Need for Insurance.
26.8 Key Insurance Coverages.
26.9 Identifying Your Own Risks.
26.10 How Can One Budget for Casualty Premiums?
26.11 Summary.
Sources and Suggested References.
PART FOUR BUDGETING APPLICATIONS.
27 Budgeting: Key to Corporate Performance Management (Michael Coveney).
27.1 Future of Budgeting.
27.2 Adding Value to the Organization.
27.3 Corporate Performance Management.
27.4 Developing a Budget Process Focused on Implementation of Strategy.
27.5 Role of Technology.
27.6 Overcoming Organizational Resistance.
27.7 Planning and Controlling Implementation of a New System.
27.8 Conclusion.
Sources and Suggested References.
28 Zero-Based Budgeting (Peter A. Pyhrr).
28.1 Introduction.
28.2 Problems with Traditional Techniques.
28.3 Zero-Based Approach.
28.4 Zero-Based Budgeting Procedures.
28.5 Decision Package.
28.6 Ranking Process.
28.7 Completing the Profit and Loss.
28.8 Preparing Detailed Budgets.
28.9 Summary.
Sources and Suggested References.
29 Bracket Budgeting (Michael W. Curran).
29.1 Introduction.
29.2 Application of Bracket Budgeting.
29.3 Premises to Profits?
29.4 Developing a Tactical Budgeting Model.
29.5 Bracket Budgeting in Annual Planning.
29.6 Consolidating Income Statements.
29.7 Summary of Benefits.
29.8 Summary.
Sources and Suggested References.
30 Program Budgeting: Planning, Programming, Budgeting (William B. Iwaskow).
30.1 Introduction.
30.2 Description of Program Budgeting.
30.3 History.
30.4 Framework of Program Budgeting.
30.5 Program Structuring.
30.6 Types of Analysis.
30.7 Installation Considerations.
30.8 Summary.
Sources and Suggested References.
31 Activity-Based Budgeting (James A. Brimson and John J. Antos).
31.1 Introduction.
31.2 Traditional Budgeting Does Not Support Excellence.
31.3 Activity-Based Budgeting Definitions.
31.4 Activity-Based Budgeting Process.
31.5 Linking Strategy and Budgeting.
31.6 Translate Strategy to Activities.
31.7 Determine Work Load.
31.8 Activity-Based Budgeting Calendar.
31.9 Create Planning Guidelines.
31.10 Identify Interdepartmental Projects.
31.11 Improvement Process.
31.12 Finalizing the Budget.
31.13 Performance Reporting.
31.14 Summary.
Sources and Suggested References.
PART FIVE INDUSTRY BUDGETS.
32 Budgeting in Nonprofit Organizations (Richard S. Wasch).
32.1 Introduction.
32.2 Nonprofit Sector.
32.3 Nonprofit Budgeting Characteristics.
32.4 Nonprofit Budget Process.
32.5 Tools for Use in Nonprofit Budgeting.
Sources and Suggested References.
33 Budgeting in Higher Education (Frederick J. Turk).
33.1 Introduction.
33.2 Resource Management?Budgeting in Context.
33.3 Annual Budgeting.
33.4 Summary.
34 Budgeting in the Health-Care Industry (Christopher S. Spence).
34.1 Overview.
34.2 Cost Control.
34.3 Cost Control in a Competitive Market.
34.4 Basics of Health-Care Budgeting.
34.5 Hospital Budgeting.
34.6 Physician Budgeting.
Sources and Suggested References.
35 Budgeting in the Biotech Industry (R. Malcolm Schwartz, Glenn A. White, and Robert F. McElroy).
35.1 Overview.
35.2 Key Budgeting Issues.
35.3 Challenges at Stages of the Company?s Life Cycle.
35.4 Budget Focus by Function and Area.
35.5 Other Considerations and Tools.
35.6 Summary.
Sources and Suggested References.
Index.
