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If the very thought of budgets pushes your sanity over the limit, then this practical, easy-to-use guide is just what you need. Budgeting Basics and Beyond, Third Edition equips you with an all-in-one resource guaranteed to make the budgeting process easier, less stressful, and more effective. Written by Jae Shim and Joel Siegel, the new edition covers Balanced Scorecard, budgeting for nonprofit organizations, business simulations for executive and management training, and much more!
About the Authors.
1 The What and Why of Budgeting: An Introduction.
2 Strategic Planning and Budgeting: Process, Preparation and Control.
3 Administering the Budget: Reports, Analyses, and Evaluations.
4 Break-even and Contribution Margin Analysis: Profit, Cost, and Volume Changes.
5 Profit Planning: Targeting and Reaching Achievable Goals.
6 Master Budget: Genesis of Financial Forecasting and Profit Planning.
7 Cost Behavior: Emphasis on Flexible Budgets.
8 Evaluating Performance: The Use of Variance Analysis.
9 Manufacturing Costs: Sales Forecasts and Realistic Budgets.
10 Marketing: Budgeting for Sales, Advertising, and Distribution.
11 Research and Development: Budgets for a Long-term Plan.
12 General and Administrative Costs: Budgets for Maximum Productivity.
13 Capital Expenditures: Assets to Be Bought, Sold, and Discarded.
14 Forecasting and Planning: Reducing Risk in Decision Making.
15 Moving Averages and Smoothing Techniques: Quantitative Forecasting.
16 Regression Analysis: Popular Sales Forecast System.
17 Cash Budgeting and Forecasting Cash Flow: Two Pragmatic Methods.
18 Financial Modeling: Tools for Budgeting and Profit Planning.
19 Software Packages: Computer-based Models and Spreadsheet Software.
20 Capital Budgeting: Selecting the Optimum Long-term Investment.
21 Zero-base Budgeting: Priority Budgeting for Best Resource Allocation.
22 Managers’ Performance and Balanced Scorecard: Evaluation on the Division Level.
23 Budgeting for Service Organizations: Special Features.
24 Budgeting for Nonprofit Organizations: Diverse Types.
25 Using Management Games for Executive Training.
Appendix I Present and Future Value Tables.
Appendix II Statistical Table.
Glossary of Budgeting and Planning Terms.
Posted June 17, 2009
Jae Shim and Joel Siegel introduce their audience to the budgeting process in both the profit and non-profit sectors. Unfortunately, the authors fail to deliver on the expectations that this book generates for several reasons. First, and most importantly, the third edition of "Budgeting Basics & Beyond" contains a number of mathematical errors or missing numbers. Think for example about the second table of example 1 (p. 254), exhibit 17.5 (p. 263), and exhibit 20.5 (p. 316). Secondly, the book under review also contains errors in the legend of a number of exhibits and typos in text formulas. Think for example about exhibit 1.3 (p. 15), the bottom of schedule 1 (p. 79), and the definition of profit variance analysis for multiple products (pp. 138-139). All these errors confirm ironically what Shim and Siegel quote on p. 264: 'Between 78 and 97 per cent of spreadsheets contain "serious material errors" with a potential to devastate the bottom line.' Thirdly, the book contains too many "skeleton" templates with little content or no content that add value to this manual. Think for example about the templates which are reproduced on pp. 205-223 in chapter 13. Fourthly, the third edition of "Budgeting Basics & Beyond" does not make extensive use of Excel screenshots to clarify a number of concepts. Think for example about the income approach to valuation, more specifically the discounted cash flow (DCF) method (pp. 297-302). To summarize, the book under review should be redone and proofread thoroughly before being put on sale anywhere.
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