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Business Finance Quarter 1 module 3

Business Entity where you can study more
Course

BSED English (BLAW 2019, English 3)

128 Documents
Students shared 128 documents in this course
Academic year: 2022/2023
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Cebu Roosevelt Memorial College

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SOUTHERN MASBATE ROOSEVELT COLLEGE, INC.

KATIPUNAN, PLACER, MASBATE

GRADE 12

Module 3

Prepared by: SHIELA MAE GONZALES
Subject Teacher
1

PLANNING

Is very much related to another management function, controlling. These two management

functions reinforce each other, and both are very important for the success of an organization.

Management planning is about setting the goals of the organization and identifying ways to achieve

them.

STEPS IN PLANNING

1. Set goals or objectives. The goals of a company can be divided into short-term, medium term, and long-term

goals. Short-term goals can be for a year: medium-term goals can be between one to three years; and long-term

goals can be five or ten years or even longer.

2. Identify resources. Resources include production capacity, human resources who will man the operations and

financial resources.

3. Identify goal-related tasks. In this step, management must figure out how to achieve an objective.

4. Establish responsibility centers for accountability and timeline. If tasks are already identified to achieve goals, the

next important step to do is to identify which department should be held accountable for this task.

5. Establish an evaluation system for monitoring and controlling. The management must establish a mechanism

which will allow plans to be monitored. This can be done through quantified plans such as budget and projected

financial statements.

6. Determine Contingency plans. In planning, contingencies must be considered as well. Budgets and projected

financial statements are anchored on assumptions.

1. Why is planning important in the sources of an organization?

2. How is controlling related to planning?

3. Enumerate the different steps in planning and discuss each briefly.

4. What is the importance of quantifying a plan?

BUDGET PREPARATION

For this chapter, the following budgets will be prepared:

1. SALES BUDGET

2. PRODUCTION BUDGET

3. OPERATING BUDGET

4. CASH BUDGET

SALES BUDGET

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2

CHAPTER 3

PLANNING and WORKING CAPITAL MANAGEMENT

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Business Finance Quarter 1 module 3

Course: BSED English (BLAW 2019, English 3)

128 Documents
Students shared 128 documents in this course

University: Cebu Roosevelt Memorial College

Was this document helpful?
SOUTHERN MASBATE ROOSEVELT COLLEGE, INC.
KATIPUNAN, PLACER, MASBATE
GRADE 12
Module 3
Prepared by: SHIELA MAE GONZALES
Subject Teacher
1

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