Zero-based budgeting
ID:CVZBB
Video Overview
The preparation of budgets is a very important function of a manager. Budgets in general predict the future sales and costs of a business. There are various different approaches to budgeting. The traditional approach is incremental budgeting, which is based on the current year’s results plus an extra amount for estimated growth or inflation. Zero-base budgeting rejects the concept that the next year’s budget should be based on the current year’s costs and has the philosophy that each cost must be predicted from a zero base i.e. that it must be justified in its entirety in order to be included in the budget. In this tutorial we will focus on zero-based budgeting.
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