BUDGETING Coursework Example | Topics and Well Written Essays - 750 words

BUDGETING - Coursework Example Business planning, being one of the internal processes, can be made more successful if the business prevents any implications and problems in its projects and practices its being planning about. Budgeting helps these processes in the most effective way by managing the cash flow and helps you to decide when to invest in which project you have planned at the right time which will produce the best results. All during the business planning, a budget plans helps to control the finances, gives you assurance whether you can fulfill your ongoing commitments or not, helps you to decide the best financial decision which fulfills your objectives and last but not the least, it helps to plan and gives you estimation regarding the money you can spend on your future expansionary plans. Budgeting should not be mixed with the forecasting because unlike a forecast, budgeting is a ‘planned’ outcome which the business thrives to get to its achievement (Peterson and Fabozzi, 2002). When it c omes to business planning, it also includes one of the most technical business tasks which is decision making. Budgeting improves this decision making process because it gives you a clear cut idea that which plan is practical and which can be fulfilled with the finance in hand. With the help of effective budgeting skill, a business can never run out of cash or even some issues are detected in cash flow, they can be easily found out and fixed before time. This clearly gives a deep understanding about the relationship between budgeting and business planning (Peterson and Fabozzi, 2002). These two benefits the business if done effectively and efficiently together. Budgeting being the provider of control and accountability over the finances and revenues of the business, aid business planning and make it successful. The reasons behind a planning are fulfilled with the help of making a budget but it never helps the most when it comes to business control. This is an entirely different thin g and cannot be related with budgeting. The above explanation illustrates how budgeting can be a great help in planning and it’s actually doesn’t play any vital role in business control. With the help of Capital budgeting, evaluation of investment proposals can be done easily in the best possible way. Such type of budgeting actually helps a business to decide which proposal should be ranked first so that it can be undertaken and investment can be made on it. For any investment, a business needs a proper financial plan because it will be business’s finances and capital returns which will be invested and benefits in the future will be gained and as budgeting is a part of financial planning, so without it, an investment proposal cannot be evaluated (Wildavsky, 1996). When it comes to evaluation, the first thing to do is to come up with all the possible strengths and weaknesses of a specific proposal, and when it comes to investment, business has to be really carefu l and should dream of only fulfilling those proposals which can be undertaken and comes in the boundary of business’s finances. In capital budgeting, the speed of evaluation process gets geared up as by using this method; those proposals are top ranked which include no real choice for example replacing a leaking sewer line with an updated one, as this one will remove any

The Origin of the Word Hubris Essay Example | Topics and Well Written Essays - 1000 words

The Origin of the Word Hubris - Essay Example Along with advancements in science, the Greeks made significant advances in philosophy. â€Å"Beginning with Hesiod, the Greeks stressed the virtue of sophrosyne (moderation, self-control) as the key to happiness and right living. Its opposite was Hubris, meaning pride, arrogance and unbridled ambition† (). Hubris encompassed many aspects of life in ancient Greece. It was not only a philosophical matter but also a legal and religious matter. Hubris was not only an act against humans but also an act against the gods, â€Å"Hubris against the gods is often attributed as a character flaw of the heroes in Greek tragedy, and the cause of the nemesis or destruction, which befalls these characters† (). The gods were free to punish that mortal who were guilty of committing hubris but were also free to commit hubris themselves because of the power they possessed over mortals. Athenian dramatists often wrote about this theme in their plays, â€Å"Herodotus attributed the Persian defeat by the Greeks to Xerxes overweening pride, for Zeus tolerates pride in none but himself" (). Ancient Greek writings such as The Odyssey also touch on the topic of hubris on a mortal to mortal level rather than an immortal to a mortal level. The most popular example is that of Penelope’s suitors who are made to pay for their crimes against the household of Odysseus from the hands of Odysseus himself rather than one of the gods. In this case, hubris was an act of violence but an act of arrogance. Penelope’s suitors believed that Odysseus would not be returning so they helped themselves to his property and wife. From a modern perspective, this act of hubris does not stem from excessive pride but from practicality. After all, Odysseus was gone for quite some time but according to Homer. this extended absence was not an excuse for arrogance.