Prepare and Monitor Budgets - Desklib

Running head: PREPARE AND MONITOR BUDGETS
Prepare and Monitor Budgets
Name of the Student:
Name of the University:
Author’s Note:
Course ID:

1PREPARE AND MONITOR BUDGETS
Table of Contents
Answer to Question 1:................................................................................................................2
Answer to Question 2:................................................................................................................2
Answer to Question 3:................................................................................................................2
Answer to Question 4:................................................................................................................3
Answer to Question 5:................................................................................................................3
Answer to Question 6:................................................................................................................4
Answer to Question 7:................................................................................................................4
Answer to Question 8:................................................................................................................4
Answer to Question 9:................................................................................................................5
Answer to Question 10:..............................................................................................................5
References:.................................................................................................................................6

2PREPARE AND MONITOR BUDGETS
Answer to Question 1:
The scope and nature of budgets are to be ascertained with relevant colleagues, as
consultation with them might lead to surprising outcomes. This is because ideas and
suggestions could be obtained in relation to waste management, recommendations for
improvement of supplier performance and efficient usage of resources (Barr and McClellan
2018). At the time of sharing information, the financial objectives should be related to
performance along with building on self-management concept leading to increased
productivity and discretionary efforts.
Answer to Question 2:
For the hotel, the relevant colleagues would include departmental heads and financial
managers. The valuable input of the departmental heads would be to fulfil the customer
expectations, while the valuable input of the financial managers would be budget restrictions.
Answer to Question 3:
The following are the major internal and external factors having potential impact on
budget:
 Management and organisational restructures
 New regulation or legislation
 Organisational objectives
 Growth or downfall in economic conditions
 Considerable movement in price for various items or commodities
 Shift in market trends
 Venue availability and event costs