budgeting process
Allocating financial resources
The budgeting process is the series of steps an organization follows to plan its finances for a coming period—typically identifying goals, estimating revenues and expenses, allocating resources, and gaining approval.
The company's budgeting process begins each September.
The term implies structure and deliberation rather than informal planning.
- forecastingEstimating future conditions
- cost estimationPredicting future expenses
- number crunchingIntensive calculation work
- goal-settingEstablishing intended outcomes
- performance metricsQuantifiable measures of effectiveness
corrective actions · belt tightening · resource allocation · data analysis · line items · feedback loops · benchmarking · bottom line · fiscal year · financial modeling · cash flow management · trend analysis · prioritization · stakeholder input · project funding · feasibility studies · payroll management · spending limits
budgeting processimpulse buying
Unplanned purchase decision
spending spree · splurging · reckless spending · living paycheck to paycheck
budgeting processprofligacy
Reckless, wasteful extravagance
squandering · overspending · living beyond one's means · extravagance · wastefulness
budgeting processwinging it
Proceeding without preparation
flying by the seat of your pants · improvisation · chaos · flying blind · disorganization
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