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1、ConfirmingPagesCHAPTERTENStrategyandtheMasterBudgetAfterstudyingthischapter,youshouldbeableto...1.Describetheroleofbudgetsintheoverallmanagementprocess2.Discusstheimportanceofstrategyanditsroleinthemasterbudgetingprocess3.Outlinethebudgetingprocess4.Prepareamasterbudgetandexplaintheinterrela
2、tionshipsamongitssupportingschedules5.Dealwithuncertaintyinthebudgetingprocess6.Identifyuniquecharacteristicsofbudgetingforservicecompanies7.Understandalternativeapproachestobudgeting(zero-basebudgeting,activity-basedbudgeting,time-drivenactivity-basedbudgeting,andkaizenbudgeting)8.Discussva
3、riousbehavioralconsiderationsinbudgetingIfyoudon’tknowwhereyou’regoing,you’llendupsomewhereelse.YogiBerraJohnson&Johnson(J&J),oneofthelargestmanufacturersofhealth-careproductsintheworld,started(in1887)asasmallmanufacturerofhealthandwell-being-relatedprod-ucts.Today,ithasmorethan99,000employe
4、esandmorethan190operatingcompaniesin51countries.J&Jsellsitsproductsinmorethan175countries.SurveysconductedovertheyearsbyBusinessWeek,Forbes,Fortune,andotherbusinessjournalsrepeatedlyhaverankedJ&Jasoneofthemostinnovative,well-managed,andadmiredfirmsintheworld.HowdoesJohnson&Johnsondoit?Itreli
5、esonacomprehensiveformalplanning,budget-ing,andcontrolsysteminformulatingandimplementingstrategy,coordinatingandmonitor-ingoperations,andreviewingandevaluatingperformance.EveryJanuary,eachoperatingunitreviewsandrevisesits5-and10-yearplansfromthepreviousyearandpreparesthebudgetforthecomingyea
6、raswellasatwo-yearplan.ThebudgetingprocessisnotcompleteduntiltheapprovaloftheprofitplaninDecember.1Johnson&Johnsonisnotunique.Growthandlong-termprofitabilityareresultsofawell-formulatedstrategywithgoodplanningandimplementationofthestrategy.Firmsneedtoplanforsuccess.Budgetingisacommontoolthat
7、organizationsuseforplanningandcontrol-lingwhattheymustdotoservetheircustomersandsucceedinthemarketplace.ThischapterdiscussesthebudgetingprocessesandtechniquesthatmanysuccessfulcompaniessuchasJ&Juseaspartofitsoverallmanagementprocesses.1Adescription
