The Functions of Modern Management
What is the primary financial control tool used to manage the operations of an organization and how can it equip managers with the information they need to make decisions? Provide three examples.
Must include in-text citations and three scholarly references
The primary financial control tool is the budget. According to Hofstede (2012), “A budget is a plan expressed in dollar amounts that acts as a road map to carry out an organization’s objectives, strategies and assumptions.” It is a quantitative expression of a plan for a defined period of time. Operations within an organization re based on pre-planned procedures normally contained in budgets. The management comes up with a plan of activities to be carried out and their corresponding financial costs. This is often the beginning point of any organization or business activity. An organization without a proper budget…