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Determining costs to complete plans

Now that you understand the components of a strategic plan, let’s consider the cost elements that are required to finalise the plan before you submit it for approval. Before you …

Key elements of financial planning

What is financial planning? Financial planning is the task or steps followed to achieve the organisation’s strategic goals. Organisations often develop their plan after determining their vision and objectives. The …

Financial Analysis: Develop a Strategy Map

After setting the mission and vision, the next step is often creating a strategy map and a balanced scorecard. Together, the strategy map and the balanced scorecard inform the development …

Balance sheet analysis and ratios

Another important technique used in financial analysis is ratio analysis. You have already been introduced to ratios previously. Let’s re-examine ratios and their importance in the balance sheet. Ratios express …

Approaches to budgeting

Because budgeting is a process of preparing detailed projects of future amounts, we can create a budget in many ways, including: top-down or bottom-up incremental zero-based rolling activity-based. Top-down or …