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The McGraw-Hill 36-Hour Course: Finance for Non-Financial Managers 3/E, 3rd Edition by Robert Cooke, Susan Shelly, H. George Shoffner

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CHAPTER 9BUDGETING/PLANNING

WHAT IS BUDGETING?

Budgets—the word is scary. To many, it means a deadline, late nights, working weekends, explaining your numbers to your boss, revising numbers, failing to get the extra help or new equipment—another year of overwork and machines that don’t work! And later in the year, explaining why you didn’t meet your numbers. Why are sales lower? Why are expenses higher? Why so much overtime?

No wonder the very word causes paranoia. Budget procedures are followed mechanically, almost disregarded: “Budgets don’t work, why try?” Many who break away from boss-imposed budgeting do so by going into business for themselves, and budgeting in their business is nonexistent. This state of affairs invites disaster.

So, you ...

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