3.9 Budgeting Essays - Economy, Finance, Money, Free Essays

3.9 Budgeting Essays - Economy, Finance, Money, Free Essays 3.9 Budgeting What is a budget? A forward financial plan that covers all the aspects of a business costs and revenues (forecast) Why prepare a budget? To exercise control within a business It can provide direction and coordination To ensure that no department has an overspend Sets targets that performance can be judged against, which can motivate workers To delegate spending power to individuals or departments Budgetary Control The process by which financial control is exercise within an organization Budgets for revenue and expenditure are prepared in advance and compared with an actual performance to establish any variances Managers are held responsible for any adverse variances and will need to take action TYPES OF BUDGET Zero Budgeting Budgeted costs and revenues are set to zero Budget is based on new proposals for costs and sales Time consuming, but starting from scratch can ensure that funds are allocated the right way Historical Budgeting Use last years figures and add a little for inflation It is much quicker and simple but may not focus on problem areas of the business It does not encourage efficiency BUDGET ALLOCATION The level of expenditure will depend on the following factors: The amount available Inflation External factors This is a difficult task for certain businesses, as prices fluctuate and sales figures are unpredictable (e.g. restaurants, agriculture, and clothing company) VARIANCES - The measure of the anticipated performance (the budget) against what actually happened. The variance is the difference between the two. Favorable (positive) Variance Variance higher than expected Costs lower than expected Revenue higher than expected Budget is higher than actual Adverse (negative) Variance Variance lower than expected Costs higher than expected Revenue lower than expected Budget is lower than actual ADVANTAGES DISADVANTAGES Budgets are an efficient way to control and monitor costs Budgets are based on assumptions and are not exact Can be used as a motivational tool External factors, e.g. the economy, make it almost impossible to set accurate budgets, so could be classed as time wasting Can be used to set target and judge performance Could be demoralizing if set incorrectly Managers take short-term decision in order to meet budgetary requirements. COST AND PROFIT CENTERS COST CENTER - a section of a business, such as a department, to which all costs can be allocated or charged Examples: Manufacturing Products Factories Departments Stages in production Hotel The restaurant The reception Conference station Bar *Different businesses will use different cost centers that are appropriate to their own needs. PROFIT CENTER - a section of a business to which both costs and revenues can be allocated Examples: Each branch of a chain of shops Each department or department store In a multi-product firm, each product in the overall portfolio of the business Why do businesses divide operations into cost and profit centers? Managers and staff will have targets to work towards - if reasonable and achievable - positive impact on motivation Targets can be used to compare with actual performance and help identify those areas performing well and those not so well The individual performances of divisions and their managers can be assessed and compared Work can be monitored and decision made about the future However, Managers and workers may consider their part of the business to be more important than the whole organization Some costs - indirect costs - can be impossible to allocate to cost and profit centers accurately (arbitrary overhead allocation) Reasons for the good or bad performance of one particular profit center may be due to external factors not under its control

Dyslexia and Multisensory Teaching Approaches

Dyslexia and Multisensory Teaching Approaches Multisensory learning involves using two or more senses during the learning process. For example, a teacher who provides lots of hands-on activities, such as building a 3-dimensional map enhances their lesson by allowing the children to touch and see the concepts she is teaching. A teacher who uses oranges to teach fractions adds sight, smell, touch and taste to an otherwise difficult lesson. According to the International Dyslexia Association (IDA), multisensory teaching is an effective approach to teaching children with dyslexia. In traditional teaching, students typically use two senses: sight and hearing. Students see words when reading and they hear the teacher speaking. But many children with dyslexia may have problems processing visual and auditory information. By including more of the senses, making lessons come alive by incorporating touch, smell and taste into their lessons, teachers can reach more students and help those with dyslexia learn and retain information. Some ideas take just a little effort but can bring about big changes. Tips for Creating a Multisensory Classroom Writing homework assignments on the board. Teachers can use different colors for each subject and notations if books will be needed. For example, use yellow for math homework, red for spelling and green for history, writing a sign next to the subjects students need books or other materials. The different colors allow students to know at a glance which subjects have homework and what books to bring home.Use different colors to signify different parts of the classroom. For example, use bright colors in the main area of the classroom to help motivate children and promote creativity. Use shades of green, which help increase concentration and feelings of emotional well-being, in reading areas and computer stations.Use music in the classroom. Set math facts, spelling words or grammar rules to music, much as we use to teach children the alphabet. Use soothing music during reading time or when students are required to work quietly at their desks.Use scents in the classroom to convey differe nt feelings. According to the article Do scents affect peoples moods or work performance? in the November, 2002 issue of Scientific American, People who worked in the presence of a pleasant smelling air freshener also reported higher self-efficacy, set higher goals and were more likely to employ efficient work strategies than participants who worked in a no-odor condition. Aromatherapy can be applied to the classroom. Some common beliefs about scents include: Lavender and vanilla help promote relaxationCitrus, peppermint and pine help increase alertnessCinnamon helps to improve focus You may find that your students react differently to certain scents, so experiment to find which works best using a variety of air fresheners. Start with a picture or object. Usually, students are asked to write a story and then illustrate it, write a report, and find pictures to go with it, or draw a picture to represent a math problem. Instead, start with the picture or object. Ask students to write a story about a picture they found in a magazine or break the class into small groups and give each group a different piece of fruit, asking the group to write descriptive words or a paragraph about the fruit. Make stories come to life. Have students create skits or puppet shows to act out a story the class is reading. Have students work in small groups to act out one part of the story for the class. Use different colored paper. Instead of using plain white paper, copy hand-outs on different color paper to make the lesson more interesting. Use green paper one day, pink the next and yellow the day after. Encourage discussion. Break the class into small groups and have each group answer a different question about a story that was read. Or, have each group come up with a different ending to the story. Small groups offer each student a chance to participate in the discussion, including students with dyslexia or other learning disabilities who may be reluctant to raise their hand or speak up during class. Use different types of media to present lessons. Incorporate different ways of teaching, like films, slide shows, overhead sheets, P owerpoint presentations. Pass pictures or manipulatives around the classroom to allow students to touch and see the information up close. Making each lesson unique and interactive keeps students interest and helps them retain the information learned. Create games to review material. Create a version of Trivial Pursuit to help review facts in science or social studies. Making reviews fun and exciting will help students remember the information.   ReferencesDo scents affect peoples moods or work performance? 2002, Nov 11, Rachel S. Herz, Scientific AmericanInternational Dyslexia Association. (2001). Just the facts: Information provided by the International Dyslexia Association: Orton-Gillingham-Based and/or Multisensory Structured Language approaches. (Fact Sheet No.968). Baltimore: Maryland.