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Merits Of A Budget In A Project. Budgeting is a necessary evil in the current business world. Managers have to always be alert on how to fund various projects that they may undertake in their businesses. They have to know where they will source for the funds and ways in which those funds will be used. It is of great importance to have something to lead you so that you can accomplish your mission in the best manner. These demotivate the manager and even the employees that work for that particular firm. Budgeting process is not an easy process and requires much dedication and alot of hardwork. It is of great importance to rely on the business project budget to offer you a guideline on ways of achieving your objectives. Some aspects of business budgets may prove to be tough to managers and even key employees who get involved in their preparation. Some budgets may not be flexible and this is another hindrance to the managers who may take part in preparing budgets for various projects to be undertaken. There are quite a number of advantages that come with preparing various types of budgets within a project. One advantage of having a budget is that it provides various guidelines to be followed. Budgets help to know the major aims of a certain undertaking. Budgeting reduces unnecessary aspects that may be posed by the environment to you since you only engage on what you want. It is also advantageous to have a budget within a project as it helps the manager in cost estimation. Business project budgets help us to know the importance of various undertakings.
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Budgets are usually of great importance to head of departments and also employees as they give them hope. This is because budgets act as an important tool on how to evaluate performance. Employees will always strive to accomplish what they have set out the goals they want to achieve at the end of a certain period.
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Another important benefit of budgeting is that it acts a method of communication between different levels of management. Business project budgeting curbs a lot of distractions that are associated within hierarchies of organisation’s. When departments which strive to achieve common goals have the same budget,there will be no confusion since they know what they are working on. Budgeting is very important in planning purposes whereby managers have to plan on what he or she wants to do for example if they want to hire more labour by increasing the number of workers, this move has to be in the budget.