Components of the master budget

A master budget provides an overarching view of an organization’s goals and expectations for the future. Due to its all-encompassing nature, there can be many components which are found in a master budget, each related to a different business operation or department, including the Human Resources department.

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·         For each section of the master budget, describe its purpose, the type of information that would be contained in that particular section, and the importance of that budget section to the success of the organization. Consider the role of the Human Resource department. Discuss the importance of the master budget to the success of the HR function. What if any conflicts or potential inconsistencies might exist between an HR budget and the master budget? Be specific.

 

 

·         Comment on why each budget piece must be created in that specific order. For example, why does the sales budget have to come before the production budget?

 

 

 

TEXT   Other  resources can be used

 

Shim, J. K., & Siegel, J. G. (2012). Budgeting basics and beyond (4th ed.). Hoboken, NJ: John Wiley & Sons.

 

 

Chapter 6, “Master Budget: Genesis of Financial Forecasting and Profit Planning”

Chapter 6 identifies the components of a comprehensive budget, or master budget, which is a formal statement of a company’s or division’s expectations for all financial transactions in an upcoming period. The chapter discusses some components of a master budget and how to manage each component either by hand or with an electronic spreadsheet.

 

 

 

 

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