Answer to Question #65157 in Finance for ivytran

Question

6. a. Outline the strategies or communication methods a manager could use to ensure the required information on the budget and the implementation of the budget is communicated to the rest of the workplace team. (5 Marks)

b. Include the types of information the team members will need to have access to
.
c. Explain how the manager might investigate any variance against the budget.

Answer 1

a. The communication strategy methods a manager could use to ensure the required information on the budget and the implementation of the budget is communicated to the rest of the workplace team include an e-bulletin, conference, workshop, leaflet, press release, event – or broader methods such as media and your website.
b. The types of information the team members will need to have access to are organisation charts, networks of outlets and addresses, annual reports, press releases.
c. Explain how the manager might investigate any variance against the budget.
The variance may simply be due to a bad guess at company's expenses or income. If this is a chronic problem, the manager should take time to revisit the company's budget and update it based on the company's most recent experience.