November 2008
Beginner
448 pages
11h 33m
English
Content preview from Budgeting Basics and Beyond
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5.5. Assumptions
Profit plans rely on assumptions and projections. Nonfinancial managers will have to make assumptions in order to predict the future. The assumptions must be continually updated. Any revisions require special approval.
If the assumptions are not realistic—for example, for an increase in selling price if there is a high degree of competition and/or a recession—the basis of the profit plan is in doubt. Further, an increase in selling price may result in a decline in sales volume, hurting overall profits because consumers will switch to cheaper brands (e.g., away from Philip Morris cigarettes).
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