From a management perspective why do you think budgets are so important and give an example, that relates specifically to your major, of how you will use budgets in your field.

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Budget is important as it provides managers with the available resources to work. Knowing how much you have is crucial because you can plan what to do and how. For example, as my major is business administration, I need to know the specific number of resources with which I can work and pay for employees.

Cuadrado-Ballesteros and Bisogno suggest that a budget is also significant for keeping employees motivated if it is transparent. When allocating the budget, employees have to know how it is shared as they will have a perspective on their work and leadership. Moreover, the budget is an operational tool for the whole entity because they may rely on it and use it in accordance with emerged circumstances.

For example, if something breaks in an operational body, the material capital will help to cover its cost. As such, having a budget, despite whether a company is small or large, it is important for making plan and helping to maintain the organization’s business.

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Academic.Tips. (2023) 'From a management perspective why do you think budgets are so important and give an example, that relates specifically to your major, of how you will use budgets in your field'. 19 May.

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Academic.Tips. (2023, May 19). From a management perspective why do you think budgets are so important and give an example, that relates specifically to your major, of how you will use budgets in your field. https://academic.tips/question/from-a-management-perspective-why-do-you-think-budgets-are-so-important-and-give-an-example-that-relates-specifically-to-your-major-of-how-you-will-use-budgets-in-your-field/

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Academic.Tips. 2023. "From a management perspective why do you think budgets are so important and give an example, that relates specifically to your major, of how you will use budgets in your field." May 19, 2023. https://academic.tips/question/from-a-management-perspective-why-do-you-think-budgets-are-so-important-and-give-an-example-that-relates-specifically-to-your-major-of-how-you-will-use-budgets-in-your-field/.

1. Academic.Tips. "From a management perspective why do you think budgets are so important and give an example, that relates specifically to your major, of how you will use budgets in your field." May 19, 2023. https://academic.tips/question/from-a-management-perspective-why-do-you-think-budgets-are-so-important-and-give-an-example-that-relates-specifically-to-your-major-of-how-you-will-use-budgets-in-your-field/.

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Academic.Tips. "From a management perspective why do you think budgets are so important and give an example, that relates specifically to your major, of how you will use budgets in your field." May 19, 2023. https://academic.tips/question/from-a-management-perspective-why-do-you-think-budgets-are-so-important-and-give-an-example-that-relates-specifically-to-your-major-of-how-you-will-use-budgets-in-your-field/.

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"From a management perspective why do you think budgets are so important and give an example, that relates specifically to your major, of how you will use budgets in your field." Academic.Tips, 19 May 2023, academic.tips/question/from-a-management-perspective-why-do-you-think-budgets-are-so-important-and-give-an-example-that-relates-specifically-to-your-major-of-how-you-will-use-budgets-in-your-field/.

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