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Controlling(Budgetary & Non-budgetary), Contemporary Management Video Lecture | Contemporary Management - B Com
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FAQs on Controlling(Budgetary & Non-budgetary), Contemporary Management Video Lecture - Contemporary Management - B Com
| 1. What is budgetary control? |  |
Ans. Budgetary control refers to the process of planning, implementing, and monitoring an organization's financial resources to achieve predetermined goals. It involves creating budgets, comparing actual performance with the budgeted figures, and taking corrective actions if necessary.
| 2. How does budgetary control help in managing expenses? | |
Ans. Budgetary control helps in managing expenses by providing a framework for planning and controlling costs. It allows organizations to set financial targets, allocate resources effectively, and monitor expenses regularly. By comparing actual expenses with the budgeted amounts, managers can identify areas of overspending or cost-saving opportunities, enabling them to take necessary actions to control expenses.
| 3. What are the advantages of budgetary control? | |
Ans. Budgetary control offers several advantages, including:
1. Financial Planning: It helps in setting financial goals and creating budgets that guide the allocation of resources.
2. Cost Control: It enables organizations to monitor and control expenses, preventing overspending and identifying cost-saving opportunities.
3. Performance Evaluation: Budgetary control allows for comparing actual performance with the budgeted figures, providing insights into the effectiveness of financial management.
4. Decision Making: It facilitates informed decision-making by providing financial data and analysis, helping managers make better choices.
5. Accountability: Budgetary control promotes accountability by holding individuals and departments responsible for achieving budgeted targets.
| 4. What are non-budgetary controls? | |
Ans. Non-budgetary controls are management techniques used to monitor and control organizational activities without relying solely on monetary budgets. These controls focus on non-financial aspects, such as quality, productivity, customer satisfaction, and employee performance. Examples of non-budgetary controls include performance appraisals, quality control measures, employee training programs, and customer feedback mechanisms.
| 5. How do non-budgetary controls complement budgetary controls in contemporary management? | |
Ans. Non-budgetary controls complement budgetary controls in contemporary management by providing a holistic approach to organizational control. While budgetary controls focus on financial aspects, non-budgetary controls address other critical factors that influence performance and success. By combining both types of controls, organizations can achieve a balanced approach to management, considering both financial and non-financial aspects. This integration enhances decision-making, promotes efficiency, and improves overall organizational performance.
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Nov 23, 2024 Last updated |
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