Explain why budgeting is important for a firm


Assignment

Instructions

Separate each discussion with its course name. Provide references for each discussion. Answer thoroughly (no word count)

Finance Discussion Module (Core values below to assist with discussion)

Financial executives insist that there should be no separation between an individual's personal ethics and his or her business ethics. "It's a jungle out there" and "business is business" should not be excuses for engaging in unethical behavior. Many firms have ethics codes which are based on economically rational concepts such as integrity and trustworthiness, which guide the decision maker in attempting to increase shareholder wealth. Of course, some employees sometimes choose to not comply with their firm's ethics code.

How do ethics codes apply to project selection and capital budgeting? What are the potential risks to a company of unethical behaviors by employees? What are potential risks to the public and to stakeholders? Please explain how Saint Leo's core value of integrity is reflected in your answer.

Accounting Discussion Module

This discussion is designed to get you to see the behavior of costs in companies with which they are familiar. You should identify and describe the company. Then, identify three different costs that behave differently. You should identify at least one fixed cost, variable cost and mixed cost and be able to justify their selections.

Think of a company with which you are familiar. Describe the company and their primary product(s)/service(s). Identify a fixed cost, a variable cost, and a mixed cost that company would incur and explain how you determined that those costs would fit those behavior patterns.

Accounting Discussion Module

Most every firm has a budget. In many cases, however, firms use them inappropriately. In extreme cases, the way the budget is used by the firm might actually encourage incorrect decisions. In this discussion, you will get a better feel for how to appropriately use budgets as a guide.

Explain why budgeting is important for a firm. Do you think that a firm's budget should ever be violated (exceeded)? Explain your rationale.

Quality Improvement and Management Discussion Module

Explain the use of PDSA and DMAIC cycles for continuous improvement. How might you use one of these methodologies to help solve a problem at work, within your university education, or your personal life?

Core Values

Excellence

Saint Leo University is an educational enterprise. All of us, individually and collectively, work hard to ensure that our students develop the character, learn the skills, and assimilate the knowledge essential to become morally responsible leaders. The success of our university depends upon a conscientious commitment to our mission, vision, and goals.

Community

Saint Leo University develops hospitable Christian learning communities everywhere we serve. We foster a spirit of belonging, unity, and interdependence based on mutual trust and respect to create socially responsible environments that challenge all of us to listen, to learn, to change, and to serve.

Respect

Animated in the spirit of Jesus Christ, we value all individuals' unique talents, respect their dignity, and strive to foster their commitment to excellence in our work. Our community's strength depends on the unity and diversity of our people, on the free exchange of ideas, and on learning, living, and working harmoniously.

Personal Development

Saint Leo University stresses the development of every person's mind, spirit, and body for a balanced life. All members of the Saint Leo University community must demonstrate their commitment to personal development to help strengthen the character of our community.

Responsible Stewardship

Our Creator blesses us with an abundance of resources. We foster a spirit of service to employ our resources for university and community development. We must be resourceful. We must optimize and apply all of the resources of our community to fulfill Saint Leo University's mission and goals.

Integrity

The commitment of Saint Leo University to excellence demands that its members live its mission and deliver on its promise. The faculty, staff, and students pledge to be honest, just, and consistent in word and deed.

Format your assignment according to the give formatting requirements:

a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.

b. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.

c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.

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Business Management: Explain why budgeting is important for a firm
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