1. How is the financial plan and budget related to a company’s strategic plan? 2. How do...

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Finance

1. How is the financial plan and budget related to a company’sstrategic plan?
2. How do the various functional departments of an organizationuse financial planning (i.e. marketing, operations, sales,executive management, finance, etc.)?

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1 How is the financial plan and budget related to a companys strategic plan A Budget Derives its linkage from strategy strategic plan strategic roadmap States the goals and objectives of an organization quantitatively aligns the strategy and goals Drills down the organizational goals to departmental goals and ultimately to managerial goals All these goals should feed into the balance scorecard comprising of financial outcomes business process outcomes and customer outcomes of individual HODs and Managers Lays downs means to achieve the goals allocates resources anticipates challenges and provides for resolution Helps an organization plan its journey from current state to desired state Helps an organization to plan for different time horizon from short term to long term Encompasses nearly all the departments of an organizations Ensures communication interaction and involvement of all the levels and departments of an organization Sets measurable expectations and measures achievements against them Measures See Answer

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1. How is the financial plan and budget related to a company’s strategic plan? 2. How do...

80.2K

Verified Solution

Question

Finance

1. How is the financial plan and budget related to a company’sstrategic plan?
2. How do the various functional departments of an organizationuse financial planning (i.e. marketing, operations, sales,executive management, finance, etc.)?

Answer & Explanation Solved by verified expert

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1. How is the financial plan and budget related to a company’s strategic plan? 2. How do...

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Finance

1. How is the financial plan and budget related to a company’sstrategic plan?2. How do the various functional departments of an organizationuse financial planning (i.e. marketing, operations, sales,executive management, finance, etc.)?

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1. How is the financial plan and budget related to a company’sstrategic plan?
2. How do the various functional departments of an organizationuse financial planning (i.e. marketing, operations, sales,executive management, finance, etc.)?