PLEASE
REPLY TO THIS DISCUSSION 275 words reply must be
supported by citing at least 2 peer-reviewed journal articles.
1. Remember that you may not always be
writing to someone who has knowledge of the subject matter, Therefore, you want
to include enough information to introduce a topic to them, make sure any
definitions of terms or concepts are included, and then offer descriptions of
how these concepts work or apply to a business.
2. The Biblical integration portion of the
assignment was adequate, However, remember the purpose of including this in
each assignment, which is to demonstrate that one’s Faith and Scripture are not
isolated and thought of as an add-on. Much of the business world believe that
Scripture and Faith belong in the church or your home; nothing could be further
from the truth! Our job does not require us to preach or beat people over the
head with the Bible. God, however, does require that we demonstrate our faith
in all we do. So, with that in mind, for each concept or idea you bring to the
table, include something at that point, rather than waiting until the end.
3. Remember to include a title page, a header,
and a page number in the formatting of the paper.
4. Double spacing and Times New Roman 12 pt
font are required.
5. Be sure to include the Bible as a
reference.
6. If you are concerned about grammar issues,
first set up Word as indicated in the attachment to the grammar announcement.
Then when you are done with the paper, select the Editor tab at the top left
and left it show you where the issues are.
7. APA formatting is essential, and most of
you did well. Remember that if it is a quote, the information must be inside
quote marks, followed by the citation that includes a page number, and then a
period after the citation. Review punctuation for e.g., et al., and in-text
citing (Keller, date).
8. Do not use contractions, first-person, such
as I, do not use personal pronouns, such as we, you, your, my, mine.
PLEASE REPLY TO THIS DISCUSSION 275 words reply must be
supported by citing at least 2 peer-reviewed journal articles.
1. Remember that you may not always be writing to someone who has knowledge of the subject matter, Therefore, you want to include enough information to introduce a topic to them, make sure any definitions of terms or concepts are included, and then offer descriptions of how these concepts work or apply to a business.
2. The Biblical integration portion of the assignment was adequate, However, remember the purpose of including this in each assignment, which is to demonstrate that one’s Faith and Scripture are not isolated and thought of as an add-on. Much of the business world believe that Scripture and Faith belong in the church or your home; nothing could be further from the truth! Our job does not require us to preach or beat people over the head with the Bible. God, however, does require that we demonstrate our faith in all we do. So, with that in mind, for each concept or idea you bring to the table, include something at that point, rather than waiting until the end.
3. Remember to include a title page, a header, and a page number in the formatting of the paper.
4. Double spacing and Times New Roman 12 pt font are required.
5. Be sure to include the Bible as a reference.
6. If you are concerned about grammar issues, first set up Word as indicated in the attachment to the grammar announcement. Then when you are done with the paper, select the Editor tab at the top left and left it show you where the issues are.
7. APA formatting is essential, and most of you did well. Remember that if it is a quote, the information must be inside quote marks, followed by the citation that includes a page number, and then a period after the citation. Review punctuation for e.g., et al., and in-text citing (Keller, date).
8. Do not use contractions, first-person, such as I, do not use personal pronouns, such as we, you, your, my, mine.
Discussion Thread: Planning and Decision Making
Dominick
School of Business,
BUS 730 ? Strategic Allocation of Financial Resources
Abstract
An organization?s management is a direct correlation to its success. The ability to use management tools effectively can be the difference between success and failure. These tools include planning, the decision-making process, and much more. For example, a master budget and decision-making framework help stay competitive in any industry. This study investigates various techniques that managers incorporate into their functions. In addition, a biblical integration expresses the link between religion and the topic of discussion.
Keywords: planning, decision making, master budget, biblical integration
Planning and Decision Making
People form and carry out plans to achieve their goals in everyday life. Typically, the overall goal of an organization is to sustain itself through challenging times while still being competitive against other companies in their industry. The most significant managerial functions are planning and decision-making, and there are several connections between them. All aspects of planning, decision-making, and allocating resources intertwine. In this discussion, the relationship between a master budget, decision-making, and strategic allocation of financial resources will be investigated.
Techniques of Interest
Master Budget
Budgeting and budgetary control are becoming increasingly important in attaining goals and objectives in modern business enterprises. The total of all divisional budgets prepared by all divisions is the master budget (Samuels & Sawers, 2017, p.51; Blocher et al., 2022, 368). Also, the master budget contains the organization?s financial planning, cash-flow forecast, forecasted profit and loss account, and balance sheet. Master budgets usually include the entire fiscal year, and budget committees can divide the budgets into quarters and months. Since information from operating budgets is important for financial budgets, the budget committee typically plans the operating budgets first.
Decision Making
Strategic decision-making is at the heart of the strategic process since it involves the fundamental decisions that form a company?s trajectory. The ability to make the best decisions is a complicated phenomenon that consists of the interaction of intellectual and intuitive elements in the setting of social connections in businesses (Jankelová & Puhovichová, 2020, p. 9; Blocher et al., 2022, 423). Managers use the five-step method shown in Figure 1 to choose amongst options in each situation.
Figure 1
Five Steps in the Decision-Making Process
Note. ?*Relevant information includes both quantitative (including financial) information as well as qualitative information? (Blocher et al., 2022, 423).
As a result, the decision-making process is an insight system in which the management continuously examines the effects of earlier studies and judgments to find any chances for decision-making improvement. Effective managerial decision-making needs the use of relevant financial and non-financial data.
Strategic Allocation of Financial Resources
Many people believe that resource allocation is an important part of a strategic plan and that a resource budget is necessary. The allocation of resources is a critical element in the planning and budgeting process because it recognizes and distributes resources to various tasks for a set amount of time (Levinthal, 2017, p. 2580; Maritan & Lee, 2017b, p. 2411). However, resource allocation in a company is complicated because it includes several tasks carried out by managers from various organizational roles, levels, and units. In addition, social and political considerations influence resource allocation and economic ones (Maritan & Lee, 2017, p. 2609). Nevertheless, a single theoretical paradigm cannot capture the intricacies of resource allocation.
The Relationship Between the Three
Success and longevity require a master budget, decision-making, and a strategic allocation of financial resources. In addition, organizations prepare for unforeseen events that may cause harm when managers use the three concepts appropriately and efficiently. These ideas align with Christianity, which teaches that Christians should use all available resources to help others (Keller & Alsdorf, 2014, p. 55). Paul proclaims, ?Each of you should use whatever gift you have received to serve others, as faithful stewards of God?s grace in its various forms? (New International Version, 1978/2011, 1 Pet. 4:10). Christianity emphasizes that Christians should treat whatever they have as a gift and see it as a chance to help other Christians.
References
Blocher, E., Stout, D., Juras, P., & Smith, S. (2022). Cost Management: A Strategic Emphasis (9th ed.). Boston, MA: Richard D. Irwin, Inc. ISBN: 9781266613586.
Jankelová, N., & Puhovichová, D. (2020). Normative and Descriptive Perception of Strategic Decision Making. SHS Web of Conferences, 83, 1-11. https://doi.org/10.1051/shsconf/20208301027
Keller, T., & Alsdorf, K. L. (2014). Every Good Endeavor: Connecting Your Work to God?s Work. New York, NY: Riverhead Books.
Levinthal, D. A. (2017). Resource Allocation and Firm Boundaries. Journal of Management, 43(8), 2580-2587. https://doi.org/10.1177/0149206316667458
Maritan, C. A., & Lee, G. K. (2017). Bringing a Resource and Capability Lens to Resource Allocation. Journal of Management, 43(8), 2609-2619. https://doi.org/10.1177/0149206317727585
Maritan, C. A., & Lee, G. K. (2017b). Resource Allocation and Strategy. Journal of Management, 43(8), 2411-2420. https://doi.org/10.1177/0149206317729738
New International Version Bible. (2011). The NIV Bible. https://www.thenivbible.com/ (Original work published 1978)
Samuels, J. A., & Sawers, K. M. (2017). SRS Educational Supply Company: An Instructional Budget Project. Issues in Accounting Education, 32(4), 51-59. https://doi.org/10.2308/iace-51733
