Budget Estimation
Now that you’ve selected the goal you want to accomplish in your strategic management plan, it’s time to start budgeting out the costs that will be involved with its implementation. This assignment will require you to create an operating budget that takes into account the strategies and choices you’ve already made in previous sections of the course project. It’s important that you carefully consider exactly what you’ll have to spend money on in order to successfully complete your goal. The numbers will be very general estimates, but you’ll need to show the ability to accurately identify the major costs. The categories and subcategories for the budget should cover most if not all of the new expenses that will be present. This assignment should be at least two pages in length and complete the following:
Goal Choice
- Clearly identify your chosen goal in an introductory paragraph.
Operating Budget
- Create an operating budget for your goal.
- The budget should include common categories and subcategories such as general operations, HR, marketing, miscellaneous expenses, etc.
- Include all major expenses required for the goal. Common expenses include salaries, marketing channels, and inventory.
- Connect the costs/categories that you’re considering to your already created marketing, management, and HR strategies discussed in earlier portions of the project.
Capital Budget
- Identify two long-term assets from the capital budget that will play a role in the completion of your goal. These can be new purchases or existing assets.
- Briefly explain the impact that each will have.
Solution Preview for Budget Estimation
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