1.Please revise the drafted journal (reflecting writing type of paper) and compress the text.
2.The idea of the text should be the same
Budgeting process in my organisation
Budgeting in my organization is required to establish control over the funds and create effective financial strategy. For an effective budgeting process the financial structure of the enterprise includes a set of financial responsibility centers (FRC). For each of them, corresponding budgets are formed separately. The main duty FRC is to collect the costs of the planned period, distribute these costs by month, as well as provide data to Finance managers for analysis and strategy development.
The budgetary process includes: planning, control, evaluation and analysis. Stages of the budget process in the company:
– Plan-fact analysis of the previous period;
– Preparing a consolidated budget for the reporting period
– Control over the execution of the consolidated budget of the reporting period
– Plan-fact analysis of budget execution of the reporting period
– Preparing a consolidated budget for the next period
Notably, after completion of the module units my financial knowledge and decision-making skills growing up through problem-solving, critical thinking, and an understanding of key financial facts and concepts. Strong financial knowledge and decision-making skills help me weigh options and make informed choices for my personal financial situations, such as deciding how and when to save and spend, comparing costs before a big purchase, and planning for retirement or other long-term savings.
Pricing strategies including cost plus and target pricing
The main objective of a pricing strategy in a market economy is to maximize profits with the planned sales volume (McLaney & Atrill, 2020). To determine the price in the strategies like Full Cost Pricing, Target Pricing, Cost Plus Pricing, the production costs are first calculated. Then the amount received is increased by percentage for a profit margin. Mark up cost should cover overhead costs, taxes and customs duties. After, the number, including the price of all units produced should be divided by the number of units you expect to sell.
In my perspective, pricing skills is vital for me as a manager and an entrepreneur.
Having the right knowledge of pricing know-how, marketing execution, project planning and change management I will be able to sell, lead, and deliver pricing transformation initiatives within my organization. My personal development plan will include a goal to get familiar with pricing tools including the price waterfall, price dispersion, customer & product net pocket price, price-volume trends, etc. on practice; these can all be achieved by getting training course online.
Panda T.K. (2007) Marketing Management: Text and Cases Indian Context. 2d ed. New Delhi:Excel Books.
McLaney, E. & Atrill, P. (2020) Accounting and finance: an introduction. Harlow: Pearson.
