Question
Define the objective of budgeting and budgetary control.
Budgeting is the process of setting financial goals for an organization and developing a plan to achieve those goals. The objective of budgeting is to allocate resources effectively and efficiently to achieve the desired outcomes. Budgetary control is the process of monitoring and controlling the actual performance of an organization against the budgeted figures. The objective of budgetary control is to ensure that the resources are being used in a way that helps the organization achieve its goals.
The primary objective of budgeting is to provide a roadmap for the organization's financial activities. It allows the organization to plan and prepare for the future, set targets and goals, and allocate resources in a way that maximizes efficiency and effectiveness. The budgeting process involves ______ __________ _____________ ________ _________ __ _________ ___________ ___ ______.
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Max.
Subject to
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Max
Subject to 3x1
The final table in Phase I of a Linear Programming Problem is given below:
| Basic Variables | 0 0 0 0 -1 | Sol. | |
| 0 | | 1 1 1 0 0 -1 0 -1 -1 1 | 5 |
| -1 | | 3 | |
| -1 0 -1 -1 0 | -3 |
Here 1a x is the artificial variable. Does this LPP have a feasible solution? Justify your answer.
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