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BUDGETTING Budgeting is concerned with the implementation of the long-term plan for the year ahead. It's a clear indication of what is expected to be achieved during the budgeting period. (Conli Drury). Budgets are developed within the context of ongoing business and are ruled by previous decisions that have been taken within the long-term planning process. Budgets need to be formulated along the lines of executive responsibility. The organization has to be sub-divided into its major constituent parts as represented by the senior management functions, for example production, marketing, distribution, human resources, finance and administration. These major areas need to be further sub-divided, along the lines of management responsibility. This sub-dividing will continue through each descending level of management. Care needs to be taken to ensure that the fulfillment of every part of the budget is the direct responsibility of a designated manager, and that dual or overlapping responsibility for...

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