Once you have set your goals, you will need to allocate sufficient resources to achieve them....
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Once you have set your goals, you will need to allocate sufficient resources to achieve them. Some spending is essential to meeting immediate production goals, while other spending will help improve the long-term performance of the company. Some spending may need to be maintained every quarter, while other spending can be done on an annual basis. In this exercise, you will categorize spending, set priorities, and get practice allocating your budget. 1. Prioritize spending in each of the following categories by rating them from 1 (low) to 10 (high). Priority (1-10) Staffing Wages and Benefits Training and Development Employee Relations/Other Programs Comment 2. Assume an annual budget of $1.5 million. Use your ratings to allocate a share of the budget to each category. You can do this by summing the ratings, and dividing each by the sum to calculate the percentage. Then use the share to calculate the annual and quarterly amounts available for each category. Share of Budget Annual Amount Quarterly Amount Staffing Wages and Benefits Training and Development Employee Relations/Other Programs 3. What adjustments might you need to make to the calculated allocations? Once you have set your goals, you will need to allocate sufficient resources to achieve them. Some spending is essential to meeting immediate production goals, while other spending will help improve the long-term performance of the company. Some spending may need to be maintained every quarter, while other spending can be done on an annual basis. In this exercise, you will categorize spending, set priorities, and get practice allocating your budget. 1. Prioritize spending in each of the following categories by rating them from 1 (low) to 10 (high). Priority (1-10) Staffing Wages and Benefits Training and Development Employee Relations/Other Programs Comment 2. Assume an annual budget of $1.5 million. Use your ratings to allocate a share of the budget to each category. You can do this by summing the ratings, and dividing each by the sum to calculate the percentage. Then use the share to calculate the annual and quarterly amounts available for each category. Share of Budget Annual Amount Quarterly Amount Staffing Wages and Benefits Training and Development Employee Relations/Other Programs 3. What adjustments might you need to make to the calculated allocations?
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Answer rating: 100% (QA)
1 Categories Priority 110 Comments Staffing 5 Priority to fill any vacancies ... View the full answer
Related Book For
Management Accounting
ISBN: 9780730369387
4th Edition
Authors: Leslie G. Eldenburg, Albie Brooks, Judy Oliver, Gillian Vesty, Rodney Dormer, Vijaya Murthy, Nick Pawsey
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