1. Miguel Cabezudo Nicolas Laflesselle

2. Financial plans are called budgets and the process of making, monitoring and adjusting them is called budgetary control. The budget may be expressed in tabular or graphical format such as S curves.

3. Harris and McCaffer identification : * Operating budget * Annual sales budget * Capital expenditure budget * Cash flow budget * Master budget

4. Prepare forecast Consider policy Assess resources Review Accept the budget Accept master budget Consult management Prepare forecast data Assess resources and impact on forecast Convert to monetary budget PREPARING THE BUDGET

5. Prepare forecast Comparitor period Compare forecast/actual Analyse and report Action and implement Management Action Quarterly, Monthly, weekly or daily Prepare forecast (sales, cumulative value and cash flow) Compare Forecast with Actual performance Analysis of Variance Report to management THE CONTROL CYCLE

6. * It is an essential function of management to prepare forecast in order to establish a plan for the future of the business. * The company has to plan for the next year’s * Estimating, planning and quantity.

7. * Bar chart Money or resource allocations against time * Graphical display Value-time curve forecast

8. MAN WEEKS

9. 0 0 123 45678 9 1010 1 1212 13 14 Man weeks Project duration (weeks) 10 20 30 40 50 60 Variance

11. 0 0 123 45678 9 1010 1 1212 13 14 Expenditure (£000) Project duration (weeks) 1 2 3 4 5 6 7 8 9 10 11 12 Variance

13. 0 0 4 812162020 Expenditure (£000) Project duration (weeks) 10 20 30 40 50 19 400 25 700 32 500 39 800 47 400 22 000 14 000 5 400 3 700 0

14. * Must be established in order to monitor the budget at clearly defined time intervals. (daily, weekly, monthly, quarterly or annually) * Management must act where variances are apparent at each review date, whether they are positive or negative.

15. * Cooke, Brian, & Williams, Peter. Construction, planning, programming & control. Blackwell Publishing