Budgeting Essay Example | Topics and Well Written Essays - 2000 words

Budgeting - Essay Example The intention of this study is a budget as a financial plan expressed in terms of money that helps budget holders achieve organizational goals and objectives in an appropriate manner. In construction industry, budget helps companies in the process of financial analysis. Through budgeting, management of the organizations can know the financial position of the organization. They can know what is actually going on in terms of capital use for business activities. Budgeting helps in providing the management with the information regarding available capital, current financial position, and future expenditures of the ongoing business activities. Through efficient budgeting, the organizations can save money and related expenditures regarding various business activities. Budgets help in cutting off the extra costs and make money available for use in other financial activities.Proper planning plays an important role in the success of a construction company. Budgeting plays a very important role in this regard. Planning is the second function of budgeting. After forecasting the financial position, a company decides its future activities, such as, investment decisions, loan decisions, and buying or selling decisions. Communication is another major function of budgeting. If an organization makes some sort of financial deal with another organization, budgeting is that technique which can resolve the issue related to use of capital between the two parties. Priorities can be set between the two organizations regarding the financial issues. An effective budget would help the organizations in communicating with each other for the purpose of discussing where the money should be spent and how much money should be spent. 2.4 Motivation Budgeting plays an important role in motivating staff of the company. After analyzing the financial position of the company, managers can develop such plans for the employees that are able to improve their efficiency and motivation. For example, if a company develops effective compensation plans, it can result in favor of the company because employees like to work for a company which values their performances and provides them with the compensation and rewards that they deserve. However, development of compensation plans is directly related on the available budget of a company. If a company will have enough budgets for developing and implementing such plans, only then compensation plans can be developed which will ultimately result in motivating employees and improving their individual and group performances. 2.5 Evaluation In construction industry, evaluation of financial and other business processes plays a very important role. Budget represents the target performance which managers measure with the actual

How do old design techniques differs from the new technological ones Essay

How do old design techniques differs from the new technological ones - Essay Example Are these new methods better in quality as compared to the preceding old methods? This paper will aim at trying to answer the question concerning the quality of the old methods in design as compared to the current design methods, which have a computer-precise technological aspect. Although new technology such as CAD can deliver highly precise designs and measurements, older design methods and practices which could not depend on computer technology had some meaningful value worth preserving. One of the earliest design practices in general is a period of apprenticeship. This form of on-the-job training can be referred to as a system steeped in antiquity. For instance, the practice is mentioned in Hammurabi’s code of ancient Babylon written around 4,000 years ago: ‘A craftsman often adopted a son to learn the craft. He profited by the sons labour. If he failed to teach his son the craft, that son could prosecute him and get the contract annulled. This was a form of apprenticeship, and it is not clear that the apprentice had any filial relation’ (Horne, 1915) at this time in history. The greatest asset for a designer was the technical knowledge the apprentice could learn from his master. This method can be said of great quality as compared to the new technological design methods because the knowledge obtained in such methods of design were practical and provided contextual knowledge which is hard to get in a classroom. Compared to the ancient methods of apprenticeship instruction for great works such as the pyramids or ancient temples, design instruction practices moved away from this tradition and became largely theoretical, employing the practical element very limitedly. For instance, during the medieval period of the fifth to the fifteenth centuries AD, great cathedrals were designed throughout Western Europe by inexact measurements, probably the correlation between sets of dividers, one small, the other large. At this point in