Important Budget and Resource Management Principles
A budget can be defined as a prediction of the possible cost to be incurred in the future when the project will be implemented. The budget is very crucial because what is included in it determines whether the project will fail or succeed. The main principles of developing a budget is to know the type of cost and secondly how to calculate the value. Preparation of the budget requires a lot of professionalism and transparency. These two factors are very vital in convincing the investors. Resource management on the hand is important because resources cannot be allocated without budgeting for the same. The purpose of the budget is mainly to estimate the cost of completing the task in the proposal of the project. Secondly, it acts as mean of monitoring the project. Weinstein Company as a film production utilizes this factors to achieve their set goals. And since Weinstein is a private company most of the fund are raised by investors hence the need to manage budget well.
Taking an example of the Habitat for Humanity in Burlington County, it’s an organization that builds and helps families in need of decent and affordable housing their budget estimates are not that big since the customers they target are from all walks of life. The fundraising tactics used by the organization is donations from well-wishers. In the firm’s website they have been able to put up a site where individuals or even groups are able to donate what they have to help the families in need of better housing. They have even been able to show how they budget for the money they get from the donations. Funding of fundraising activities is gotten from the sales of houses. The organization can also ask for help from loyal donator to fund the activity.
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