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Essay / Research Paper Abstract
This 5 page paper looks at the importance of planning in business. Using the example of a real estate business the importance of planning for monetary issue, human resources and knowledge are all explained with examples used to illustrate points raised. The bibliography cites 3 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEplanmon.rtf
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Unformatted sample text from the term paper:
organized so that they are maximized and the goals set out in the strategy are achieved. These can be considered individually in the context of a real estate business.
Monetary The way that money is organized occurs at two levels, at the investment level, and at the operational level. Investment or capital planning is usually tired heavily in
with the strategy making. On the day to day basis it is the way money is used in operations that is most important.
The best example of monetary planning for a real estate business is the creation and then use of a budget. The role of the budget is to control the
costs and therefore the profits of a business. It is also important in the short term for cash flow as there needs to be the ability for the company to
be able to pay their bills, for example marketing bills in the short term. Therefore, budgets can be seen as an important mechanism for controlling a company.
To understand the importance of a budget as a form of planning for money we need to define the term. There are many different interpretations
of these terms, one of the best to use a definition from a management accounting organisation. The Institute of Cost Management Accountants describe a budget thus; "A financial and
or/quantitative statement prepared prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective. It may include
income, expenditure and the employment of capital" (Chadwick, 1998). Therefore, we can see it is a predetermined plan that is used to determine
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