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Consider your current company, or a company that you have formerly worked for, and describe and...

Consider your current company, or a company that you have formerly worked for, and describe and critique the budgeting processes that are used for that organization.

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Answer #1

The company I last worked for has been using Incremental Budgeting process. It is also the most commonly used budgeting method. This is very easy to calculate and understand.

Incremental Budgeting obtains the current year's budget by adding or subtracting a certain percentage to the actual figures from the previous year. However this method won't turn out to be accurate if the cost drivers are to fluctuate highly.

A few drawbacks of this method however is that it mostly ignores the external drivers of performance and activity such as inflation, government economic policy, etc. For example, when there is heavy inflation in certain input costs, incremental budget simply assumes an increase in cost by a certain fixed percentage without taking into consideration the inflation.

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