Discuss the consequences of poor planning and poor controlling

Jun 28th, 2015
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A. T. Still University
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Effective Controls:- Timely Cost Effective Accurate Measurable Indicate Cause/Effect Responsibility of one Acceptable

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Profit Planninga series of prescribed steps to betaken to ensure that a desired profitwill be made.Profit planning must precede otheractivities.McGraw-Hill/Irwin 2006 The McGraw-Hill Companies, Inc. All rights reserved.RevenueCashAccountsReceivableTypes of ExpensesFixedVariableExpensesMaterialsSalariesUtilitiesDepreciationRentBuilding ServicesInsuranceInterestOffice & SuppliesSales PromotionTaxes & LicensesMaintenanceDeliveryMiscellaneousProfit (Income)the difference betweenrevenue earned and expensesincurred.Initial StepsIn Profit PlanningEstablish GoalDetermine Expected SalesVolume1) Estimate Expenses2) Determine Estimated Profit3) Compare Estimate With Goal1)2)Action StepsIn Profit Planning6)7)8)9)List alternativesto improve profitsDetermine howexpenses & profitsvary with volumeAnalyze alternatives vis--vis profitSelect an alternative & implementAction Steps In Profit Plan7.8.a.b.c.a.b.c.How Do Expenses Vary With VolumeSales Expenses$364,000$530,000$700,000Volume$364,000$530,000$700,000$364,000$490,000$618,700Profit$ -0$ 40,000$ 81,3009. Analyze Alternatives10. Select/Implement PlanPlanning For Profit1.2.3.4.5.6.Establish Profit GoalDetermine Sales VolumeEstimate ExpensesDetermine Profit EstimateCompare Profit To GoalList Alternativesa.b.c.d.Change Sales VolumeDecrease ExpensesA

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