James Williams (fictitious) was recently hired as the executive director for the Reach The World Mobile Telephone Company (RTWMTC). As part of his goal to manage and improve the company's spending and income, he asks you to explain the importance of budgeting for the RTWMTC.
For this assignment, you must answer the following questions:
- Why is budgeting necessary for RTWMTC?
- Identify and explain at least three reasons.
- Who should be involved in the budgeting process and why? Explain in detail.
- What will happen if RTWMTC does not properly budget?
- Explain two specific possible outcomes in detail.
Explain why it is important for an organization, a project, or a department to have a budget.
Conclude who should be involved in budgeting.